Walgreens Approves $10B Buyout, Plans to Close Stores

Shareholders of Walgreens Boots Alliance approved a $10 billion acquisition by Sycamore Partners. The drugstore chain will close over 1,000 stores by 2027 due to changing consumer behavior. Shareholders will receive $11.45 per share and potentially an additional $3 from future monetization of debt and equity interests.

The buyout will make Walgreens a private company, giving it more flexibility for business improvements. Walgreens CEO Tim Wentworth believes the partnership with Sycamore will help accelerate their turnaround strategy. Walgreens shares remained steady at around $11.50, down from over $30 two years ago.

Walgreens announced plans to close 1,200 U.S. locations last fall, marking a significant shift in their retail strategy. The company, based in Deerfield, Illinois, has been reducing its U.S. store count since acquiring Rite Aid locations in 2018.

Read more at Yahoo Finance: Walgreens shareholders approve $10 billion private equity buyout