Walgreens to keep its European Boots beauty business

DEERFIELD - Walgreens Boots Alliance Inc. Tuesday said it will keep its United Kingdom-based Boots and No7 Beauty Co. businesses under its existing ownership.

The decision marks the conclusion of a review that began in January over whether to sell the companies. WBA said it held productive discussions with a range of parties and prospective buyers. However, since launching the process, the global financial markets have suffered unexpected and dramatic change, the drugstore and pharmacy chain said.

"As a result of market instability severely impacting financing availability, no third party has been able to make an offer that adequately reflects the high potential value of Boots and No7 Beauty Co.," WBA said in a news release.

Consequently, WBA decided it is in the best interests of shareholders to keep focusing on the further growth and profitability of the two businesses.

"The board and I remain confident that Boots and No7 Beauty Co. hold strong fundamental value, and longer term, we will stay open to all opportunities to maximize shareholder value for these businesses and across our company," said Rosalind Brewer, WBA chief executive officer.

Since the formation of WBA at the end of 2014, the company has significantly invested in Boots and No7 Beauty Co., it said. Boots is the UK's leading health and beauty retailer.