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Walgreens Boots Alliance Inc (NASDAQ: WBA) is gaining at writing following a report that it’s contacting buyers who may be interested in taking over Boots.
The drugstore chain based out of Nottingham, United Kingdom is worth close to $9.0 billion.
Walgreens has already engaged with advisors to hold preliminary talks with the potential buyers, as per sources that talked to Bloomberg on condition of anonymity.
What the Nasdaq-listed firm plans on doing with proceeds provided that it does indeed secure a deal remains unclear. Lowering the debt on its balance sheet, however, may be a possibility.
Shares of Walgreens Boots Alliance that currently pay a healthy dividend yield of 5.47% are now down more than 30% versus the start of 2024.
Watch here: https://www.youtube.com/embed/m_AzWf-w2bE?feature=oembedWalgreens has been interested in unloading Boots since last year.
In 2023, Legal & General agreed to buy Boots Pension Scheme for about $6.0 billion – a deal that simplified a possible divestiture of the drugstore chain. $WBA had also considered listing the business on the London Stock Exchange.
The news arrives more than a month after the multinational said Boots UK saw a 3.0% annualised growth in sales in its second financial quarter as Invezz reported here.
Note that our market analyst Crispus Nyaga is currently bearish on shares of the Chicago-based company that constantly remains below the 50-week Exponential Moving Average. He did talk of a possible downside to $15 in $WBA in his recent analysis.
The post Walgreens is reportedly contacting potential Boots buyers appeared first on Invezz
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