Walgreens Boots Alliance has announced a $10 billion acquisition deal with Sycamore Partners, allowing Walgreens to go private. The acquisition price is set at $11.45 per share, potentially increasing to $23.7 billion when including debt and other payouts. Facing significant financial difficulties, Walgreens hopes that operating as a private company will enable a more effective turnaround strategy, as it has experienced a drastic market value decline from $100 billion in 2015 to $9.8 billion currently. The deal aims to alleviate public scrutiny during this critical transformation phase.
Sycamore Partners will pay $11.45 per share, leading to a total deal value of around $10 billion, as Walgreens seeks to go private.
CEO Tim Wentworth emphasized that meaningful value creation in Walgreens' turnaround strategy is best managed away from public scrutiny as a private entity.
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