Walgreens Boots Alliance, the American parent company of the Boots pharmacy chain, is currently in discussions regarding a potential sale to a private equity firm, raising concerns about the future of the well-known British chemist.

The New York-based private equity firm Sycamore Partners is reportedly in talks to take Walgreens Boots Alliance private, with expectations that an agreement could be reached by early next year, as per information from The Wall Street Journal.

This potential acquisition announcement follows closely after what has been referred to as “merger Monday,” which saw over $35 billion in various deals unveiled, including Omnicom’s $13 billion bid for rival advertising agency Interpublic and Novolex’s acquisition of Pactiv Evergreen for $7 billion.

Operating over 8,700 stores in the US and 2,000 Boots pharmacies across the UK, the prospect of a takeover injects uncertainty regarding Boots’ future, particularly as it has emerged as one of Walgreens’ top-performing assets that could potentially be divested.

This transaction would also bring significant financial gains for Stefano Pessina, 83, the billionaire chairman of Walgreens, who has recently faced a decline in his wealth due to a steep drop in the company’s share price.

In its latest fiscal quarter, the pharmacy chain reported a net loss of $3 billion, compared to a loss of $180 million in the previous quarter. Additionally, the company disclosed plans to shutter 1,200 stores in the United States over the next three years.

The value of Walgreens’ stock has seen a nearly 60 percent decrease this year, resulting in a market capitalization of approximately $9.2 billion, as the company grapples with reduced consumer spending and unfavorable drug reimbursement rates.

Following the news report, Walgreens’ shares rose by $1.57, or 17.7 percent, closing at $10.42 on Tuesday in New York.

Both Walgreens Boots Alliance and Sycamore Partners have refrained from commenting on the matter.