Bain Capital, CVC said to jointly bid for U.K. Boots chain; Walgreens confirms Boots review (update)
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Update 2:42pm: Walgreens confirms it's exploring Boots options, adds shares.
Private equity firms Bain Capital and CVC Capital are said to be teaming up to bid for a bid for Boots, Walgreens (NASDAQ:WBA) U.K. drugstore/beauty chain.

Walgreens CEO confirmed at JPMorgan's annual healthcare conference that the company is has begun a strategic review of its Boots business, according to traders, who cited Bloomberg headlines. Walgreen's review of the Boots business in an "exploratory" stage. Walgreens (WBA) rose 0.8%.

Dominic Murphy, one of CVC's team of managing members, is likely to have to recuse himself from boardroom talks as he is a Walgreens Boots Alliance (WBA) board member, according to a Sky News report. Several other PE firms are also expected to bid for the U.K. drugstore chain. A "full-blown" auction may start in the spring.
The Time of London earlier this month reported that Bain Capital offered to buy the U.K. chain two months ago, which started a sales process. The PE firm is positioning itself as a frontrunner in the auction. Boots owns about 25% of its stores and the chain may be valued at GBP6B pounds ($8.1B) to GBP7B pounds in a sale.
PE firms Carlyle, KKR, Advent International, and Clayton, Dubilier & Rice may also be considering a bid for the U.K. chain, according to the Times report. Supermarket chains may also pursue an acquisition.
Sky News first reported early last month that the pharmacy company was exploring a potential sale of its Boots chain in 2022.