Shares in Walgreens Boots Alliance (WBA) soared 11% in New York following reports of ongoing takeover discussions with private equity firm Sycamore Partners.

The potential deal has reignited speculation about the future of Boots, one of the UK’s most recognised high street pharmacy brands.

According to reports, WBA and Sycamore have been in discussions for a buyout that could be finalised this year. If the deal proceeds, Sycamore is expected to sell off parts of the business, raising questions about Boots’ long-term ownership and strategic direction.

Market analysts suggest a sale could pave the way for Boots to return to the London Stock Exchange, offering a much-needed boost to the UK’s capital markets after a slowdown in major listings. The potential move follows last week’s decision by Unilever to list its ice-cream business in Amsterdam.

Dan Coatsworth, investment analyst at AJ Bell, described Boots as one of the high street’s “strongest brands,” highlighting its resilience and market position. Walgreens Boots Alliance, which merged Boots with US-based Walgreens in 2014, has previously explored options for Boots, including a failed attempt to offload the UK pharmacy chain in 2022.

While neither Sycamore nor WBA have confirmed the deal, industry observers suggest that private equity interest signals confidence in Boots’ future growth potential despite retail headwinds.