Boots also unveiled its second major deal in just a week. It is selling off its highly profitable non-prescription drugs business, Boots Healthcare International (BHI), to Britain’s Reckitt Benckiser, for a higher than expected $3.38 billion in cash. The BHI business recorded a 3.6% increase in revenues to $443.1 million and operating profits to the tune of $154.1 million for 2005. Boots has been trying to battle a 1.6% fall in second quarter sales. Amazingly, it would return $2.54 billion to its shareholders as special dividend after the deal.
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Source: IIPM Editorial, 2006
