Walgreens Boots Alliance shareholders have approved the company’s $10 billion acquisition by private equity firm Sycamore Partners during a special meeting held July 11.
Here are four more notes to know:
1. The agreement, first announced in March, will take the pharmacy and retail giant private. The New York City-based firm began talks with Walgreens in December, shortly after the company disclosed plans to shutter approximately 1,200 retail locations over three years, about 500 of which are slated for closure in fiscal year 2025.
2. In January, Walgreens suspended its quarterly cash dividend for the first time since 1932, citing a need to reevaluate capital allocation as part of a broader turnaround effort.
3. Under the terms of the agreement, shareholders will receive $11.45 in cash per share, totaling approximately $9.9 billion based on the company’s 865 million outstanding shares. They may also receive up to an additional $3 per share from the eventual monetization of Walgreens’ ownership in VillageMD — which includes Village Medical, Summit Health,and CityMD — bringing the potential total value of the deal to $23.7 billion. VillageMD also counts Cigna’s Evernorth subsidiary as a minority stakeholder.
4. The transaction is expected to close in the third or fourth quarter of 2025, pending customary closing conditions. Walgreens will retain its name and remain headquartered in Chicago.
