Loading tweets...
Walgreens Boots Alliance (WBA), the global pharmacy chain, has announced that it has entered into a definitive agreement to be acquired by an entity affiliated with Sycamore Partners, a private equity firm specializing in retail, consumer, and distribution-related investments.
“Leveraging WBA’s healthcare expertise and Sycamore’s established leadership in retail and consumer services, WBA will be better positioned to become the first choice for pharmacy, retail and health services”, the company said in a statement.
WBA will continue to operate under the Walgreens and Boots brands, maintaining its headquarters in the Chicago area, it added.
“Throughout our history, Walgreens Boots Alliance has played a critical role in the retail healthcare ecosystem”, commented WBA CEO Tim Wentworth. “We are focused on making healthcare delivery more effective, convenient and affordable as we navigate the challenges of a rapidly evolving pharmacy industry and an increasingly complex and competitive retail landscape”.
“While we are making progress against our ambitious turnaround strategy, meaningful value creation will take time, focus and change that is better managed as a private company”, he added. “Sycamore will provide us with the expertise and experience of a partner with a strong track record of successful retail turnarounds”.
The total value of the transaction represents up to $23.7 billion.
Source: Walgreens Boots Alliance
