Walgreens Boots in talks over sale to non-public fairness group Sycamore Companions

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US-based pharmacy chain Walgreens Boots Alliance is in talks over a sale to a personal fairness agency, in a possible deal that displays the mounting misery going through the sector.

The Illinois-based group had held discussions with Sycamore Companions, an funding group recognized for concentrating on troubled retailers, mentioned two individuals acquainted with the matter.

Walgreens, which owns the UK’s Boots chain, had a market capitalisation of greater than $50bn on the finish of 2019, however its share value has fallen greater than 80 per cent since, reducing its valuation to about $8bn. The corporate’s share value rose greater than 20 per cent on Tuesday after The Wall Road Journal initially reported on the sale talks.

Buyers have punished US pharmacy retailers together with Walgreens, CVS and Ceremony Support after years of overexpansion and strain from retailers resembling Walmart, Goal and Amazon.

Walgreens and Sycamore declined to remark.

It is a growing story