£7 billion Boots sale bids continue with Asda as frontrunner

Management teams at Boots will begin meeting with potential bidders this week, according to reports by The Times.

The news follows previous reports that Boots's US-based parent company Walgreens Boots Alliance has started the sale process of the chemist retail chain.

Front-runners for the £7 billion business include ASDA's Issa brothers, who are competing with private equity firms Apollo, Sycamore Partners and TDR Capital. The Issa brothers are keen to add Boots' 2,200 stores to its existing store portfolio.

According to The Times, sources are sceptical of Sycamore Partners making a bid, having confirmed it is also considering a cash bid for fashion brand Ted Baker.

Earlier this month, it was revealed that Bain Capital and CVC Capital Partners had abandoned its first-round bid.

Boots UK comparable retail sales increased 16.3% in 2021, compared to the same period the previous year.