Walgreens Shareholders Approve $10B Sale To Sycamore

Walgreens Boots Alliance shareholders have voted overwhelmingly to approve the company’s sale to private equity firm Sycamore Partners, with 96% of votes cast in favor during a special meeting. This includes 95% approval from unaffiliated shareholders. Under the terms of the deal, shareholders will receive $11.45 per share, valuing the transaction at around $10 billion. The sale is expected to close in the third or fourth quarter of 2025, subject to regulatory approval.

Tim Wentworth, CEO of Walgreens Boots Alliance, expressed gratitude for shareholder support, highlighting that partnering with Sycamore will enable the company to accelerate its turnaround efforts, enhance experiences for patients, customers, and employees, and solidify its leadership in pharmacy, retail, and health services.

The move to go private is designed to give Walgreens the flexibility to focus on its ambitious restructuring without the pressures of the public market. Sycamore, with a strong background in retail turnarounds, emphasized its commitment to maintaining Walgreens’ trusted brands and pharmacy-led business model.

Walgreens will continue operating its core brands, including Boots, and retain its Chicago headquarters. The company also announced plans to explore strategic options for its VillageMD primary care unit, forming a committee to evaluate ways to improve its financial performance, which may include a future sale.

Additionally, the deal includes a 35-day “go-shop” period allowing Walgreens to seek competing offers, although there is no guarantee a better bid will emerge.

This acquisition marks Sycamore’s largest retail investment to date, reinforcing its confidence in Walgreens’ role in providing essential healthcare services to communities nationwide.