Walgreens Boots Alliance is exploring a deal that would take the company private, according to CNBC.
People familiar with the talks told CNBC the company has reached out to private equity firms about striking a deal.
If a deal is approved, it would take the retail pharmacy giant out of the spotlight and could be the largest leveraged buyout in history, according to the report.
Walgreens shares have slid about 22 percent in the last year as consumers increasingly shop online and insurers reimburse pharmacies less per filled prescription. The company has taken several steps to offset the challenges in the industry, including closing 200 stores in the U.S. and 200 stores in the U.K. and closing all of its self-owned in-store health clinics.
The company currently has a market capitalization of approximately $55 billion and about $17 billion in outstanding debt. It has previously said it plans to cut $1.8 billion in expenses by 2022.
Walgreens is reportedly working with investment bank Evercore to determine if it can make a deal to go private, according to Reuters.
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