US private equity firm KKR has formally approached Walgreen Boots Alliance with a buyout proposal.
The deal is expected to fetch US$70bn, making it the biggest private equity deal in history.
The announcement, made by Bloomerg earlier this week, triggered a 6% hike in Walgreens Boots Alliance’s shares, which have been steadily declining between January and October.
According to sources, discussions are still ongoing and an offer has not been accepted.
KKR previously funded the group’s CEO Stefano Pessina in his £11bn bid to acquire Alliance Boots in 2007.
Today, Walgreen Boots Alliance operates the US drugstore chain Walgreens and Duane Reade, as well as pharmacy retailer Boots in the UK.
Walgreens Boots Alliance declined to comment.
