Shoe owner should be taken private in $ 10bn deal
The American owner of the High Street Chemist Boots says it will be taken private in the $ 10BN (£ 7.8BN) deal.
This step ends the business of almost a century on public markets for Walgreens Boots Alliance.
This has seen its debt growing because cost-conscious customers chose for online shopping and cheap products.
Around 300 stores of the pharmacy series Was recently closed in Britain In an attempt to strengthen your business.
There are now 1,900 boot stores left in Britain.
The total value of the transaction can be up to $ 23.7bn, including loans and possible payments.
Under this deal, US private equity firms will pay $ 11.45 per share for Cyamore Partners Walgreens. It is that its shares are currently worth value on the US stock market.
Walgreens’ shares increased by about 6% in extended trading in New York.
The deal is expected to close in the fourth quarter of this year.
Tim Ventaworth, CEO of Walgreens, Said in a statement The firm was navigating “rapidly developed pharmacy industry challenges and a rapid complex and competitive retail landscape”.
He said, “When we are progressing against our ambitious turnout strategy, meaningful value creation will be time, attention and change that is better managed as a private company,” he said.
It is not clear what the deal would mean for shoes and its UK operations.
Illinois -based Valgrace took a 45% stake in boots in 2012.
It bought the remaining firm in a deal after two years, in which about 9BN pound boots were given importance.
Walgreens includes its name US Retail Business, Specialty Pharmacy Group Shields Health Solutions and Healthcare Provider WileGemed.
In recent years, the company faced growing challenges as customers moved to cheap rivals for grocery goods and prescriptions.
In 2022, Walgreens put shoes for sale but Later these schemes were droppedSaying that buyers were unable to raise sufficient funds to buy pharmacy business.
In the last October, it announced that it would close 1,200 Walgreens stores in the US over the next three years under an ambitious cost-cutting scheme.
