By Denny Jacob
Walgreens Boots Alliance shares rose 5.7% in premarket trading following its deal to be taken private by Sycamore Partners.
Shares were trading around $11.20. The stock is down 50% over the last year and has lost significant value over the last decade.
The agreement will take the embattled drugstore off the public market after nearly 100 years.
Sycamore agreed to pay $11.45 a share in cash for Walgreens, representing an equity value of around $10 billion; the total value of the deal, including debt and the potential future payouts, would be almost $24 billion. The agreement with Sycamore and many of the moments leading up to the go-private were first reported by The Wall Street Journal.
"We believe going private is the right decision for WBA, given the operational challenges the company faces will likely be better dealt within the private market," said Mizuho analysts in a research note.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
March 07, 2025 06:42 ET (11:42 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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