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Walgreens Boots Alliance Inc. (NASDAQ: WBA) is reportedly close to a $10 billion buyout deal with private equity firm Sycamore Partners, according to The Wall Street Journal. The deal, which could be finalized by Thursday, would take the struggling pharmacy chain private.
Sycamore is expected to offer between $11.30 and $11.40 per share in cash, with potential performance-based incentives. If the acquisition proceeds, Sycamore is likely to retain Walgreens' core U.S. retail operations while divesting or taking public other parts of the company.
Once a dominant force in U.S. pharmacy retail, Walgreens has seen its market value plummet from over $100 billion in 2015 to below $8 billion by late 2024. The company has struggled with declining prescription margins and an unsuccessful push into primary care. Under CEO Tim Wentworth, Walgreens has been closing underperforming stores in an effort to stabilize operations.
Sycamore, known for retail investments like its 2017 acquisition of Staples, aims to reposition Walgreens for long-term growth.
