US pharmacy giant Walgreens is said to be buying the remaining 55% of UK high street pharmacy Alliance Boots.
According to the BBC, the Walgreens board is now seeking approval from shareholders for the £9 billion ($15 billion) deal after previously buying a 45% stake in the company in 2013.
Walgreens said the company would not use the deal to alter its current tax status and the merged company would be based in Chicago, although the Boots head office would stay within the UK.
The company also added that it would look to make cost reductions of $1 billion over the coming years across all its businesses, but did not elaborate on how that would impact on employee numbers.
Walgreens chief executive Greg Wasson commented: “We are excited to move forward with the next important step in becoming a new kind of global health care leader”.