US owners of Boots to be taken over by private equity firm

Boots is to be taken over (PA)

The US owners of Boots have agreed to be acquired by private equity firm Sycamore Partners as the struggling retailer looks to turn itself around after years of losing money.

Walgreens Boots Alliance said on Thursday that Sycamore will pay 11.45 dollars (£8.89) per share, giving the deal an equity value just under 10 billion dollars (£7.76bn).