Walgreens Boots Alliance Inc (NASDAQ:WBA) is exploring the spinoff of its UK-based Boots drugstore chain with an eye on an IPO in the country, according to a report from Bloomberg News.
The chain could be worth $8.78 billion, according to sources familiar with the matter.
WBA previously considered selling Boots in 2022 but abandoned the plan, claiming a lack of an acceptable offer.
Going forward, the company could receive new offers for Boots, which has about 2,200 stores in the UK.
The decision comes after Tim Wentworth took over as CEO of Walgreens Boots Alliance in October.
Shares of WBA rose nearly 2% during intraday trading Tuesday but closed 0.3% lower at $22.93.