Boots owner Walgreens is closing in on a deal with private equity firm Sycamore Partners that would take itself off the public market.
It is understood that an agreement between Walgreens Boots Alliance and the New York-based firm could be reached as soon as Thursday (6 March), The Wall Street Journal reported.
Walgreens is thought to have been in talks to sell itself to private equity firm Sycamore since December.
While a deal price has yet to be agreed on, it is understood that the transaction will value the pharmacy giant at around £7.8bn ($10bn).
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WBA operates more than 2,000 Boots stores in the UK and a possible takeover could create uncertainty over the UK retailer’s future.
It comes as The Financial Times reported last week that Sycamore Partners is planning to separate the British retail pharmacy business from its US and healthcare arm if its bid is successful.
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 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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