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Walgreens Boots Alliance has agreed to be acquired by private equity Sycamore Partners, a private equity firm, in a deal valued at $10 billion. The acquisition follows months of negotiations that began gaining attention in December 2024. The deal will take Walgreens off the public market, potentially providing the company with the flexibility to address its ongoing financial struggles.

Under the terms of the agreement, Walgreens shareholders will receive $11.45 per share in cash. This payment represents a 29% premium over the stock’s closing price on December 9, which was the last trading day before rumors of the potential sale surfaced. In addition, shareholders could receive up to $3 more per share if the company’s healthcare businesses—such as VillageMD, Summit Health, and CityMD—are sold in the future. This potential extra payment could increase the total value of the deal to as much as $23.7 billion, according to Walgreens.