Boots’ prospective buyer Sycamore Partners is planning to separate the UK retail pharmacy business from its US and healthcare arm if its bid is successful.
The private equity firm is understood to be looking at a three-way split of Walgreens Boots Alliance with each having distinct capital structures, The Financial Times reported.
The move would result in Walgreens, Boots and speciality pharma unit Shields Health Solutions becoming independent companies.
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People familiar with the matter told the title that financing for the prospective privatisation deal is not expected to be an issue despite weeks of on-off discussions with the New York-based firm.
They added that talks could still fall apart in the coming weeks.
Walgreens is thought to have been in talks to sell itself to private equity firm Sycamore since December, but a deal is yet to be reached.
This is the third time the US owner has engaged in talks for a sale. It shelved plans for a multibillion-pound deal last June as it cut its profit outlook and announced plans to close up to 700 US stores.
The group had first attempted to sell Boots back in 2022 for an estimated £7bn but abandoned the plan, deciding that offers from firms including Apollo Global Management undervalued the retailer.
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