Might Boots soon be on the move? The UK pharmaceutical retailer’s transfer of £4.8bn of pension obligations to insurer Legal & General brings its potential sale by owner Walgreens Boots Alliance one step closer. The hard-pressed US group was forced to take Boots off the block last year, with pensions complexity cited alongside choppy markets.
Boots has agreed to transfer £4.8bn of pension obligations to insurer Legal & General in a deal that paves the way for a potential sale of the UK’s largest pharmacy chain by owner Walgreens Boots Alliance. The FTSE 100 insurer will take on the assets and liabilities of the scheme, which covers 53,000 current and future retirees, in one of the largest-ever such transactions in the UK. When it abandoned the Boots sale last year, Walgreens said that while there had been “significant interest”, bids for the 174-year-old company had failed to reflect its potential value.
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