Bain Capital, CVC Come Together To Bid For Walgreen's Boots UK: Sky News

According to Sky News, Bain Capital and CVC Capital Partners are assembling a joint bid for Walgreens Boots Alliance Inc's WBA Boots UK, which trades from more than 2,000 stores and employs over 50,000 people.

• Retail insiders said that Bain and CVC were being advised by bankers at Lazard on their interest in Boots.
• A joint bid for Boots from Bain and CVC will entail a key role for Dominic Murphy, an architect of Alliance Boots' 2007 takeover by KKR, Sky News can reveal.
• Related: Bain Capital Reportedly Eyeing Boots UK Takeover From Walgreens: Report.
• The report quoted sources saying Bain and CVC were working on a plan to acquire Boots predicated upon substantial investment in its digital, beauty, and healthcare services offerings.
• Several other private equity firms are expected to examine offers for the chain.
• The report added that Murphy's extensive knowledge of the Boots business and Bain's lengthy planning for a bid are expected to leave their joint offer well-placed to succeed.
• Spinning the chain off into a separately listed company is also a possibility, the report noted, citing insiders.
• A full-blown Boots auction will probably get underway in the spring.
• Price Action: WBA shares are up 0.63% at $54.07 during the market session on the last check Tuesday.