Walgreens Boots Alliance (WBA), the owner of Boots, has agreed to a $10bn (£7.8bn) takeover by a US private equity firm. 

Sycamore Partners is expected to complete the takeover by the end of the year.

The US-listed WBA said of the deal: “[Sycamore’s] experience in retail and consumer services would ensure WBA was better positioned to become ‘the first choice for pharmacy, retail and health services’.”

Meanwhile, WBA’s chief executive Tim Wentworth said: “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.”

Stefan Kaluzny, Managing Director of Sycamore Partners, said: “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. 

“Sycamore has deep respect for WBA’s talented and dedicated team members, and we are committed to stewarding the company’s iconic brands.”

It remains to be seen what the deal will mean for Boots in the UK – the chain pharmacy has been a mainstay of the British high street since it was founded by John Boot in 1849. 

Boots remains one of the group’s best performing business lines, with a London float suggested as recently as last year.