Walgreens Boots Alliance, Inc. (NasdaqGS:WBA) is to explore a sale of the business in 2022 that could value it at well over ?5 billion. Sky News has learnt that Walgreens Boots Alliance is lining up Goldman Sachs, the Wall Street bank, to advise it on a review of options that could result in new owners for the 172-year old health and beauty retailer. City sources said on December 3, 2021 evening that the process would be exploratory and might not ultimately lead to WBA disposing of Boots. Spinning the chain off into a separately listed company could also be a possibility, they added. A full-blown auction of Boots would be among the most significant deals involving a high street chain for many years, and will draw close scrutiny in Whitehall given Boots' critical nationwide role in delivering public healthcare services. Valuing the business is likely to be a complicated process given the changing nature of consumer behaviour and its predominantly rented store estate, with many shops tied to long leases. In a statement issued to Sky News on December 3, 2021, the company said: "Walgreens Boots Alliance (WBA) does not comment on market speculation and Boots is an important part of the Group. "However, it is accurate that WBA announced a renewed set of priorities and strategic direction for the Group in October, which includes a more pointed focus on North America and on healthcare. "As underlined during the last WBA investor conference, the Group continues to be very pleased with the performance of Boots and the International division as a whole".