By The Chicago Times Business Staff
June 29, 2022
DEERFIELD, IL — Walgreens Boots Alliance, Inc. announced Tuesday its decision to keep its Boots and No7 Beauty Company businesses under its existing
According to WBA, “. . . productive discussions held with a range of parties, receiving significant interest from prospective buyers. However, since launching the process, the global financial markets have suffered unexpected and dramatic change. As a result of market instability severely impacting financing availability, no third party has been able to make an offer that adequately reflects the high potential value of Boots and No7 Beauty Company. Consequently, WBA has decided that it is in the best interests of shareholders to keep focusing on the further growth and profitability of the two businesses.”
The WBA decision was bolstered by the strong performance and growth of Boots and No7 Beauty Company, which “. . . have exceeded expectations despite challenging conditions.”
Boots is a health and beauty retailer located in the United Kingdom and is considered as one of the most trusted and well-respected brands in the country. Since the 2014 merger of Walgreens and Boots, the Company has significantly invested in Boots and No7 Beauty Company. Walgreens Boots Alliance will continue investing in the future of these two businesses given their growth potential.
“We have now completed a thorough review of Boots and No7 Beauty Company, with the outcome reflecting rapidly evolving and challenging financial market conditions beyond our control. It is an exciting time for these businesses, which are uniquely positioned to continue to capture future opportunities presented by the growing healthcare and beauty markets. The Board and I remain confident that Boots and No7 Beauty Company hold strong fundamental value, and longer term, we will stay open to all opportunities to maximize shareholder value for these businesses and across our company.” Rosalind Brewer, WBA Chief Executive Officer.