Private equity circles as Walgreens puts Boots on sale at £7bn | Business

The American owners of Boots are seeking up to £7 billion for the pharmacy chain as Asda’s financial backers join a raft of private equity firms readying bids.

Walgreens is understood to be keen to offload the entire Boots business, with its operations in the UK, Ireland and Thailand, as well as the No7 beauty brand. The group would prefer one bidder to buy all of the assets but a piecemeal sale is possible.

Asda’s private equity backers at TDR Capital are among those circling Boots, which could yield substantial savings given the overlap in products sold between the two retailers. TDR is understood to be planning to bid without a partner.

Bankers from Goldman Sachs could circulate a memorandum to potential buyers as soon