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Walgreens Boots Alliance has reached a $10 billion deal with private equity group Sycamore partners, which will put the troubled Pharmacy Chain as a public company for a century.
Sycamore agreed to pay a stake of $11.45 per share to privatize Walgreens at a premium of nearly 30% before its first report deal talks in December and value its shares at about $10 billion, the drug chain said Thursday.
Sycamore will retain its U.S. retail business and sell or remove the remaining retail business, including the British pharmacy chain, as part of the Tee split. Walgreens shareholders can pay an additional $3 per share, according to the sale of Villagemd, a primary care business of Walgreens.
The deal includes debt and factors that align with future performance goals, which can value Walgreens for up to $23 billion. As part of the deal, Italian billionaire Stefano Pessina, executive director and largest shareholder, will maintain a considerable minority stake in the business.
This is a development story
