Sycamore Partners finalizes acquisition of Walgreens Boots Alliance
Walgreens Boots Alliance will now operate under private ownership.
USA – Sycamore Partners has finalized its acquisition of Walgreens Boots Alliance (WBA) in a deal valued at approximately USD 23.7 billion, marking a significant shift for the global pharmacy giant.
The private equity firm completed the takeover on August 27, 2025.
It immediately spun off WBA’s key business units into five standalone companies: Walgreens, The Boots Group, Shields Health Solutions, CareCentrix, and VillageMD.
This marks the end of Walgreens’ publicly traded status as its common stock was delisted from Nasdaq.
The new structure will see The Boots Group headquartered in the UK, comprising Boots UK and Ireland, Boots Opticians, No7 Beauty Company, as well as its pharmacy operations in Germany, Thailand, and Mexico.
Stefan Kaluzny, Managing Director of Sycamore, said, “Walgreens Boots Alliance, Inc., its companies and its dedicated team members play an essential role in the communities they serve around the world.”
Ornella Barra, former COO of WBA’s international operations, has been appointed CEO of The Boots Group, signalling a focus on strengthening its market position in retail beauty and wellness.
Sycamore Partners is partnering with Stefano Pessina and his family, key former stakeholders who have reinvested their entire interest in the company, highlighting confidence in the business’s future.
Sycamore has appointed Mike Motz, a retail veteran with experience leading Staples US Retail and Canada’s Shoppers Drug Mart, as CEO of Walgreens, aiming to sharpen the retailer’s focus on core pharmacy and retail operations.
Walgreens Boots Alliance will now operate under private ownership, focusing on accelerating growth in domestic and international markets, enhancing customer experience, and deepening community relationships through its standalone companies.
This move comes after Walgreens Boots Alliance (WBA) recently approved the company’s USD 10 billion acquisition by private equity firm Sycamore Partners, marking a significant move to take the iconic drugstore chain private for the first time in nearly 100 years.
The approval came during a special shareholder meeting where about 96% of votes cast favoured the merger agreement, with 95% support among unaffiliated shareholders.
Under the terms of the deal, Walgreens shareholders will receive USD 11.45 per share in cash, representing a 29% premium over the stock price as of December 2024.
In addition, shareholders may receive up to USD 3 per share from the monetization of Walgreens’ equity and debt stakes in VillageMD, the company’s physician-staffed clinic operation network that includes Village Medical, Summit Health, and CityMD.
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