Walgreens to Be Taken Private in $10 Billion Sycamore Partners Deal

The leveraged buyout, expected to close by late 2025, could lead to the sale or spin-off of UK pharmacy chain Boots.

Sycamore Partners has agreed to acquire Walgreens Boots Alliance (WBA) in a $10 billion deal, valuing the transaction at nearly $24 billion when including debt and potential payouts.
The deal includes a cash offer of $11.45 per share, with an additional $3 per share contingent on future asset sales, and is expected to close in the fourth quarter of 2025.
Speculation has emerged that Boots, a high-performing UK pharmacy chain owned by WBA, may be sold or spun off as part of the restructuring process.
Walgreens' market value has plummeted over the past decade due to falling margins and competition, with this buyout marking one of the largest leveraged buyouts in recent years.
Sycamore Partners, known for restructuring distressed retailers, has not commented on specific plans for Boots or other WBA business units post-acquisition.