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yesterday

Walgreens Boots Alliance Shareholders Back $10 Billion Take-Private Deal

The deal will let Walgreens accelerate store closures away from quarterly earnings pressures.

FILE - A Walgreens store in Bradenton, Fla., is shown on Feb. 9, 2024. (AP Photo/Gene J. Puskar, File)
A sale or spin-off of Boots might be considered by Sycamore Partners if it completes a takeover

Overview

  • About 96% of shareholders cast votes in favor of the transaction at a special meeting on July 11.
  • Sycamore Partners will pay $11.45 per share plus a non-transferable right to receive up to $3 per share from future VillageMD monetization.
  • The transaction is expected to close in the third or fourth quarter of 2025, subject to customary regulatory approvals.
  • The company plans to close over 1,000 stores through 2027 and reassess core assets such as its Boots chain and clinic businesses under private ownership.
  • A decade-long decline in market value from over $100 billion in 2015 to under $10 billion today, along with multibillion-dollar losses on VillageMD, underscored the need for drastic repositioning.