Walgreens Boots Alliance shareholders approved the drugstore chain’s $10 billion acquisition by private equity firm Sycamore, according to the Associated Press.
The news comes in the midst of a difficult era for national pharmacy chains, with thousands of stores closing due to changing consumer behavior, falling pharmacy reimbursements and rising costs. Walgreens is set to close over 1,000 stores through 2027.
Sycamore Partners will pay Walgreens shareholders $11.45 per share per the terms of a deal first announced in March. They could also receive as much as $3 per share more from the future monetization of Walgreens’ debt and equity interests in its VillageMD clinic business.
The buyout will take the drugstore chain private and provide it with the flexibility to enhance its business without worrying about the reaction on Wall Street.
