Walgreens Boots Alliance (WBA), the owner of UK pharmacy chain Boots, has been acquired in a US$10bn deal after months of talks.
The acquisition by Sycamore Partners, a private equity firm focused on retail, consumer and distribution-related investments, will see WBA become a private company.
This is expected to take place when the transaction closes in Q4 2025, with WBA’s common stock set to no longer be listed on the Nasdaq Stock Market.
The move has placed uncertainty around thousands of workers at Boots across its store portfolio and head office locations.
Sycamore stated, however, that WBA will “continue to operate under Walgreens, Boots and its trusted portfolio of consumer brands”.
Tim Wentworth, CEO of Walgreens Boots Alliance, said:“Throughout our history, Walgreens Boots Alliance has played a critical role in the retail healthcare ecosystem..
“We are focused on making health care 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.”
The future of Boots in the UK post-sale remains unclear, with WBA having previously attempted to sell off the health and beauty chain.
In 2022, WBA explored a sale of Boots but abandoned the process after citing “unexpected and dramatic” shifts in market conditions.
Previous offers, including those from Apollo Global Management, were seen to be inadequate by WBA.
“For nearly 125 years, Walgreens, and for 175 years, Boots, along with their portfolio of trusted brands, have been integral to the lives of patients and customers,” said Stefan Kaluzny, Managing Director of Sycamore Partners.
“Sycamore has deep respect for WBA’s talented and dedicated team members, and we are committed to stewarding the Company’s iconic brands.
“This transaction reflects our confidence in WBA’s pharmacy-led model and essential role in driving better outcomes for patients, customers and communities.”
The acquisition follows WBA revealing in October 2024 that it was set to shutter 1,200 Walgreens stores in the US over the next three years after its losses widened.
Boots, however, has maintained a strong performance in the company’s financial results throughout 2024
It also reported a strong start in 2025, with an uplift in retail sales during the first quarter.