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, Illinois-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% to $18.43 at 10:38 a.m. 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% 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 trans-Atlantic merger that took place in stages beginning more than a decade ago.