Walgreens to Be Taken Private in $10 Billion Sycamore Deal, Boots' Future Uncertain

The leveraged buyout includes plans to explore potential sales or spin-offs of Walgreens' key business units, including UK-based Boots.

Walgreens Boots Alliance (WBA) has agreed to a $10 billion takeover by private equity firm Sycamore Partners, valuing the transaction at nearly $24 billion when including debt and potential payouts.
Sycamore is expected to restructure WBA by potentially selling or spinning off its key assets, including Boots, a high-performing UK pharmacy chain with 1,800 locations and 51,000 employees.
The deal offers Walgreens shareholders $11.45 per share in cash, with an additional $3 per share possible from future asset monetizations.
Boots, valued at £7 billion in prior discussions, could see interest from private equity firms and other bidders, though no formal sale has been announced yet.
The transaction is set to close by the fourth quarter of 2025, pending regulatory approvals and a shareholder vote.