Benzinga | Jan 3, 2022 09:14AM EST

Bain Capital Reportedly Eyeing Boots UK Takeover From Walgreens: Report

Bain Capital reportedly approached Walgreens Boots Alliance Inc (NASDAQ:WBA) months ago about taking over Boots, although Walgreens didn't comment on the matter.

* The Sunday Times said Walgreens "received a takeover approach from Bain Capital more than two months ago" and is "positioning itself as a frontrunner in a forthcoming auction for Boots after completing months of due diligence.

* Per the report, Walgreens has also been looking at other options for its more than 2,000 Boots pharmacies, with the company considering various spin-off options.

* "Imagine a day when 45% of our Walgreens stores - of the 9,100 stores that happen to be within five miles of 75% of the homes across the United States -- where you can walk in and see a primary care physician that's attached to a Walgreens drugstore," Brewer said in an interview last month during the Forbes Healthcare Summit.

* Walgreens was reported to be working with Goldman Sachs on the prospect, though things were still in very early stages as of early December, and the sale may not happen.

* With the reports on the U.K. businesses, Walgreens has also been spending billions on the Company's U.S. drugstore operations at the direction of new CEO Roz Brewer, with $5.2 billion recently funneled to VillageMD to improve the doctor-staffed clinics in the U.S.

* Price Action: WBA shares are up 0.17% at $52.25 during the premarket session on the last check Monday.