Walgreens Boots stock surged Monday on a Bloomberg report that the retail pharmacy chain is exploring selling its U.K. Boots drugstores.
The multinational is contacting possible buyers for its Boots business and is working on holding "early-stage" discussions with interested parties, Bloomberg reported Monday. The U.K. Boots pharmacy chain is valued at $8.8 billion, according to the article.
In 2023, Walgreens Boots revenue from its U.S. Walgreens chain made up 80% of its total sales. Walgreens, a former Dow Jones industrials stock, was removed from the index in February with its shares in a long-term decline begun in 2015. Amazon.com replaced Walgreens on the Dow industrials. Walgreens stock is a S&P 500 component.
WBA stock jumped 5.4% to 18.12 in above-average volume during Monday's market action. Walgreens stock is now up 2.6% in May and remains down nearly 30% in 2024.
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