A $10bn-plus takeover bid for one of America’s biggest pharmacy chains is set to trigger a fresh auction of Boots the Chemist after a string of aborted attempts to sell the British retail giant.
Sky News understands that Sycamore Partners, the private equity firm, is expected to seek separate ownership for Boots if it succeeds in taking Walgreens Boots Alliance (WBA), its current New York-listed parent, private.
The Wall Street Journal reported on Tuesday that Sycamore Partners was in talks to buy WBA, which has seen its market value plummet to less than $8bn in recent months.
Stefano Pessina, the Italian dealmaker who has led a string of major deals involving Boots over the last two decades, is expected to play a central role in any carve-out of the Nottingham-based retailer.
One source said that Mr Pessina, who holds roughly a 17% stake in WBA, may end up as the principal owner of Boots depending on how the deal with Sycamore was structured.
WBA has orchestrated, and terminated, at least two processes to explore a sale of Boots in the last few years, deciding that offers from parties including Apollo Global Management did not offer sufficient value.
Boots, which marks its 175th anniversary this year, employs about 52,000 people and trades from roughly 1900 stores.
It recently appointed a new boss after Seb James, its long-serving managing director, resigned for a new role in the healthcare industry.
Boots’ heritage dates back to John Boot opening a herbal remedies store in Nottingham in 1849.
It opened its 1000th UK store in 1933.
In 2012, Walgreens acquired a 45% stake in Alliance Boots, completing its buyout of the business two years later.
Spokespeople for Sycamore, Mr Pessina and Boots all declined to comment.