// Boots sale continues as Bain Capital and CVC Capital Partners ditch auction process
// The decision not to bid was down to the price expectations of Boots’ owner, Walgreens
Bain Capital and CVC Capital Partners have reportedly abandoned the pursuit to acquire Boots in an auction process run by Goldman Sachs.
The consortium decided against submitting a £6 billion offer for Boots last week.
The decision not to bid was down to the price expectations of Boots’ owner, Walgreens Boots Alliance (WBA), Sky News reported.
READ MORE: Deadline for Boots bids falls today as Morrisons owner rules out offer
Asda, Apollo Global Management and Sycamore Capital are understood to remain in the race to buy Boots.
However, it has emerged that Boots pension trustees will seek substantial additional funding as part of any leveraged buyout of the business.
At approximately £8 billion, Boots’ pension scheme is one of the largest private retirement funds in the UK.
Boots trades from more than 2000 stores and employs over 50,000 people, making it one of the UK’s biggest private sector employers.
The sale process is being run by Goldman Sachs.
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