Partly Cloudy

Partly Cloudy

max temp: 12°C

min temp: 9°C

ESTD 1874 Search

UK: Boots to go into US ownership

11:02 06 August 2014

Boots is set to fall into US ownership today when drugs store giant Walgreens unveils a deal to buy the part of the business it does not already own.

Boots is set to fall into US ownership today when drugs store giant Walgreens unveils a deal to buy the part of the business it does not already own.

Boots is set to fall into US ownership today when drugs store giant Walgreens unveils a deal to buy the part of the business it does not already own.

The American retailer, which also trades as Duane Reade, is expected to spend about £5billion on the outstanding 55% stake in Alliance Boots, which comprises Boots the Chemist and pharmaceuticals distribution arm Alliance.

An announcement is expected later today, with Sky News also reporting that Walgreens will shun the opportunity to move its corporate headquarters to the UK or Switzerland, where it can pay less tax.

Walgreens acquired its 45% stake in Alliance Boots for 6.7 billion US dollars (£4bn) in 2012 and has the option to buy the rest by next August. The deal for full ownership of the business is expected to be completed in 2015.

Alliance Boots is also owned by executive chairman Stefano Pessina and private equity firm KKR after they took the Nottingham-based business private following an £11.1bn deal in 2007.

Walgreens trades from more than 8,500 locations across the US, while Alliance Boots has 2,500 stores and approximately 75,000 staff in the UK.

Boots brands such as No7 and Botanics are already sold in Walgreens and Duane Reade stores in the US, with the American firm’s products introduced to Boots stores as part of the deal in 2012.

Alliance Boots traces its roots back to 1849 when John Boot opened his first store selling herbal remedies in Goose Gate, Nottingham. It opened its 1,000th store in 1933 followed by the No7 cosmetics range two years later.

Boots Group merged with Alliance UniChem to form Alliance Boots in 2006 before it was taken private in Europe’s largest leveraged buyout a year later.

Search hundreds of local jobs at Jobs24


Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files

Please log in to leave a comment and share your views with other East Anglian Daily Times visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by East Anglian Daily Times staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique East Anglian Daily Times account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

John Dugmore, chief executive of Suffolk Chamber of Commerce, cuts the ribbon to open the new TravelQuest branch in Ipswich, with members of the TravelQuest team.
From left, Vicki Wood, Poppy Brown, John Dugmore, Michelle Thake, Paul Hardwick and Karen Jones.

A Suffolk travel company has expanded with the opening of a second branch.

Terry Hunt, editor of the East Anglian Daily Times, left, and Boshor Ali, chairman of the Bangladeshi Support Centre (BSC), right, with other supporters of the Suffolk BME Business Awards from Ipswich Borough Council, Suffolk Chamber of Commerce, the University of Suffolk and the BSC.	
Photo: Nigel Brown

More than 40 nominations have been received for the inaugural Suffolk BME (Black and Minority Ethnic) Business Awards.

Tim King, group fleet manager at Turners (Soham), left, takes delivery of the firm's newest truck from Eddie Hennessy, regional manager of DAF Trucks UK, representing regional dealership Chassis Cab. 
Photo: Keith Mindham Photography

Suffolk-based logistics company Turners (Soham) Ltd has reported increased annual revenues and profit, and says it is “well placed” for further success despite competitive market conditions.

Sandy Jackson - Mark Westley Photography

British Gas has been forced to backtrack after repeatedly billing a 91-year-old great-grandmother for hundreds of pounds more than she owed.

Ian Thoroughgood, associate director at Grant Thornton in Ipswich, with Jonathan Agar, chief executive of Birketts.

Business advisers firm Grant Thorton is to unveil its 15th “Suffolk Limited” report next month on how the county’s leading businesses have performed over the past year.


Show Job Lists

Most read

Most commented

Topic pages


Newsletter Sign Up

Sign up to the following newsletters:

MyDate24 MyPhotos24