Walgreens Boots Alliance
has begun a strategic review of its UK-based Boots business, as the second-largest US drugstore chain looks to reimagine itself as a healthcare provider and compete with rival CVS.,
“While the process is in an exploratory phase, we expect to move rapidly,” CEO Rosalind Brewer said Tuesday at the JPMorgan Healthcare conference.
Brewer did not say whether Boots’ strategic review of more than 2,200 stores across the UK, including pharmacies, health and beauty stores, would lead to a sale of the business.
Private equity groups including Bain and CVC Capital Partners are described as: Potential buyerswith speculation that they may team up to make a joint bid.
The strategic review comes in the form of Brewer, the Starbucks . Joined Walgreens (Ticker: WBA) from
) in January of last year, is moving deeper into healthcare, having struck three deals in the past few months.
Walgreens in September. invested $970 million in Shields Health Solutionsa specialized pharmacy service provider to hospitals and health systems. A month later, it spent $5.2 billion to take a majority stake in VillageMD. In the same month it bought 55% stake in Post-Acute and Home Care Provider Management Company carecentrix,
Walgreens shares are up 13% in the past 12 months, according to data from FactSet.
(ticker: CVS) on Tuesday raised its earnings guidance for the full year with testing volumes as Covid-19 vaccines and growth drivers.