Bain Capital, CVC Come Together To Bid For Walgreen's Boots UK: Sky News

By Vandana Singh

According to Sky News, Bain Capital and CVC Capital Partners are assembling a joint bid for Walgreens Boots Alliance Inc's (NASDAQ:WBA) Boots UK, which trades from more than 2,000 stores and employs over 50,000 people.

  • Retail insiders said that Bain and CVC were being advised by bankers at Lazard on their interest in Boots.
  • A joint bid for Boots from Bain and CVC will entail a key role for Dominic Murphy, an architect of Alliance Boots' 2007 takeover by KKR, Sky News can reveal.
  • Related: Bain Capital Reportedly Eyeing Boots UK Takeover From Walgreens: Report.
  • The report quoted sources saying Bain and CVC were working on a plan to acquire Boots predicated upon substantial investment in its digital, beauty, and healthcare services offerings.
  • Several other private equity firms are expected to examine offers for the chain.
  • The report added that Murphy's extensive knowledge of the Boots business and Bain's lengthy planning for a bid are expected to leave their joint offer well-placed to succeed.
  • Spinning the chain off into a separately listed company is also a possibility, the report noted, citing insiders.
  • A full-blown Boots auction will probably get underway in the spring.
  • Price Action: WBA shares are up 0.63% at $54.07 during the market session on the last check Tuesday.

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