Walgreens, the largest pharmacy chain in the United States, has abandoned plans to sell Boots, claiming that buyers were unable to raise sufficient funds due to financial market volatility.
Following the sale of Boots in January, Walgreens stated that it had received several offers for the pharmacy business.
However, none of the offers adequately reflected the UK pharmacy chain’s high potential value, according to the company.
The Walgreens Boots Alliance announced that it would retain Boots and the No7 beauty brand.
Potential buyers included Indian billionaire Mukesh Ambani and US buyout firm Apollo Global Management, which made an offer worth around £5 billion.
The Walgreens merger deal for Boots in 2014 valued the firm at about £9bn at the time.