Walgreens Boots Alliance shareholders approved the company’s sale to private equity firm Sycamore Partners at a July 11 special meeting.
Walgreens announced in March that it had entered into a $10 billion agreement with the New York City-based firm to take the company private.
Walgreens was in talks to sell itself to Sycamore Partners in December after the company revealed plans to close around 1,200 retail stores in a three-year timeframe, including about 500 closures in fiscal 2025.
In late January, the company suspended its quarterly cash dividend for the first time since 1932 to reassess capital allocation as part of its long-term turnaround strategy.
“With Sycamore’s partnership, we will be better positioned to accelerate our turnaround strategy, further enhance the customer, patient and team member experience and become the first choice for pharmacy, retail and health service,” Walgreens CEO Tim Wentworth said in a July 11 news release.
Walgreens shareholders will receive $11.45 per share in cash at closing, totaling about $9.9 billion based on Walgreens’ 865 million outstanding shares. Shareholders may also receive up to $3 per share from the future monetization of Walgreens’ debt and equity interests in VillageMD, which includes Village Medical, Summit Health and CityMD. If fully realized, the deal could reach up to $23.7 billion. Cigna’s Evernorth subsidiary holds a minority stake in VillageMD.
The sale is expected to close in the third or fourth quarter of 2025, subject to customary closing conditions. In March, the company said it will continue under the Walgreens name and maintain its Chicago headquarters.
