Walgreens acquisition by Sycamore wins shareholder agreement

US pharmacy Walgreens Boots Alliance (WBA) shareholders have given approval to the company's acquisition by Sycamore Partners Management affiliated entities.

The preliminary results revealed that 96% of the votes cast by all shareholders endorsed the merger agreement proposal.

A similar sentiment was echoed by unaffiliated shareholders, with 95% supporting the proposal.

WBA CEO Tim Wentworth stated: “We appreciate the consideration and overwhelming support from our shareholders in our value-maximising transaction with Sycamore.

“With Sycamore’s partnership, we will be better positioned to accelerate our turnaround strategy, further enhance the customer, patient and team member experience and become the first choice for pharmacy, retail and health services. We look forward to closing the transaction and entering this next chapter.”

As disclosed on 6 March 2025, WBA shareholders are set to receive $11.45 per share in cash upon the deal's closure.

They will also acquire a divested asset proceeds right, which could yield up to an additional $3 per share in cash contingent on the future monetisation of WBA’s interests in VillageMD, including Village Medical, Summit Health and CityMD.

The transaction will be finalised in the latter half of 2025, with its completion based on standard closing conditions and necessary regulatory consents.

Centerview Partners has been appointed as the financial advisor, Kirkland & Ellis as the legal advisor, and Ropes & Gray as the healthcare regulatory counsel for WBA.

Morgan Stanley & Co also served as a financial advisor and delivered a fairness opinion to the WBA board of directors.

WBA operates 12,500 retail locations across the US, Europe and Latin America, and employs 312,000 people in eight countries.

In June 2025, WBA saw a 7.2% increase in sales to $39bn in the third quarter of fiscal 2025, up 6.9% on a constant currency basis, driven by growth in the US retail pharmacy and international segments.

"Walgreens acquisition by Sycamore wins shareholder agreement" was originally created and published by Retail Insight Network, a GlobalData owned brand.

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