Walgreens Agrees To Be Acquired By Private Equity Firm

NEW YORK (AP) — Walgreens Boots Alliance says it has agreed to be acquired by the private equity firm Sycamore Partners as the struggling retailer looks to turn itself around after years of losing money. Walgreens said Sycamore will pay $11.45 per share, giving the deal an equity value just under $10 billion. Shareholders could eventually receive up to another $3 per share under certain conditions. A buyout to take the drugstore chain private would give it more flexibility to make changes to improve its business without worrying about Wall Street’s reaction. Walgreens has been a public company since 1927.