Walgreens contacts potential buyers for Boots chain

Walgreens' shares have plunged 42% in the past year as the company struggled to restore growth

Boots could be valued at about £7bn (€8.96bn) in an exit, with one possibility being an initial public offering in London. Photo: Simon Dawson/Bloomberg

US retail giant Walgreens is reaching out to potential buyers of the £7bn (€8.96bn) Boots pharmacy chain, according to people familiar with the matter.

The Illinois-based company is working with advisers to hold early-stage discussions with would-be bidders, said the people, who asked not to be identified because the matter is confidential. No formal sale process has begun, they said.