Walgreens Boots Alliance Inc. is reaching out to potential buyers of the £7 billion ($8.8 billion) Boots drugstore chain in the UK, according to people familiar with the matter.

The Deerfield, IL-based company is working with advisers to hold early-stage discussions with would-be bidders, said the people, who asked not to be identified because the matter is confidential. No formal sale process has begun, they said.

A Walgreens representative declined to comment. The stock jumped 7.2 percent to $18.43 at 10:38 AM in New York after Bloomberg News reported that the company was contacting possible buyers.

The company last year revived discussions on a potential exit from the UK chain, almost 18 months after scrapping a planned sale, Bloomberg reported in December. Boots could be valued at about £7 billion in an exit, with one possibility being an initial public offering in London, Bloomberg reported at the time.

Walgreens shares have plunged 42 percent in the past year as the company struggled to restore growth. This year Walgreens cut its dividend by half and lowered its profit outlook, citing reduced consumer spending on non-essential items.

A sale would undo a blockbuster transatlantic merger that took place in stages beginning more than a decade ago.

By Vinicy Chan and Dinesh Nair

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Boots Owner in Talks to Offload £7 Billion UK Pharmacy Chain

Walgreens Boots Alliance Inc. is reviving discussions on a potential exit from its UK drugstore chain Boots, people with knowledge of the matter said, nearly 18 months after a sale process was scrapped.