Shareholders of Boots’ parent company, Walgreens Boots Alliance (WBA), have approved the company’s previously-announced acquisition by US private equity firm Sycamore Partners.
Approximately 96% of votes by all shareholders were in favour of the US$10bn merger agreement proposal.
Commenting on the decision, WBA’s CEO Tim Wentworth said: “We appreciate the consideration and overwhelming support from our shareholders in our value-maximising transaction with Sycamore.
“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 services.
“We look forward to closing the transaction and entering this next chapter.”
WBA expects to close the transaction in the third or fourth quarter of calendar year 2025, subject to regulatory approvals.
Despite earlier reassurance by Sycamore that WBA will “continue to operate under Walgreens, Boots and its trusted portfolio of consumer brands”, a question mark hangs over the fate of UK highstreet stalwart Boots.
WBA previously made two aborted attempts to divest Boots, first in 2022 and again last summer, drawing to an end months of speculation about a takeover.
It reeled back its 2024 plans after Boots emerged as a standout performer for WBA – a momentum which has continued, with the retailer reporting its 17th consecutive quarter of sales growth in Q3 2025.
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