Walgreens Boots Alliance Completes Sale to Private Equity Firm Sycamore Partners

Walgreens Boots Alliance has been acquired by private equity firm Sycamore Partners for $10 billion. The acquisition has been finalized, and the company will operate as separate entities under the new ownership. Mike Motz has been appointed as the new CEO of Walgreens, replacing Tim Wentworth. The headquarters will remain in the Chicago area.

Title: Walgreens Boots Alliance Acquired by Sycamore Partners; Mike Motz Named CEO

Walgreens Boots Alliance (WBA) has been acquired by private equity firm Sycamore Partners for $10 billion, marking a significant shift in the company's ownership structure. The acquisition, finalized on August 28, 2025, has resulted in WBA ceasing to be a publicly traded company and operating under private ownership. Sycamore Partners has appointed Mike Motz as the new CEO of Walgreens, replacing Tim Wentworth. The headquarters will remain in the Chicago area.

Mike Motz, who previously served as CEO of Staples' U.S. retail business and president of Shoppers Drug Mart, will oversee the transition of Walgreens back to its core retail and pharmacy operations. The appointment comes at a critical juncture for the company, which has been struggling to keep pace with rivals in the retail and pharmacy sectors. The acquisition is expected to bring new strategic direction and operational efficiency to the company.

The acquisition was facilitated by a definitive agreement signed on March 6, 2025, with WBA shareholders receiving a total consideration of $11.45 per share in cash and a non-transferable right to receive up to $3.00 in cash per share from the future monetization of WBA's debt and equity interests in VillageMD. This total consideration represented a premium of up to 63% over the WBA closing share price on December 9, 2024 [2].

The transaction involved various financial advisors and legal counsel, including Centerview Partners, Kirkland & Ellis LLP, and Morgan Stanley & Co. LLC, among others. The go-shop period, during which WBA could explore alternative proposals, was extended to 35 days, allowing for thorough evaluation of potential suitors. Upon completion, WBA's common stock will no longer be listed on the Nasdaq Stock Market, and the company will operate as a private entity [2].

Tim Wentworth, who led the turnaround efforts at WBA, will continue to serve as a director. John Lederer, a former director of WBA and senior adviser to Sycamore, has been appointed as executive chairman, providing strategic guidance and oversight.

The acquisition is a significant move for both Walgreens and Sycamore Partners, with the latter looking to inject new life and strategic focus into the pharmacy chain. The appointment of Mike Motz suggests a commitment to refocusing on core competencies and potentially expanding into new areas of healthcare services. The new leadership is expected to bring a fresh perspective and operational efficiency to the company, which has been facing challenges in the competitive retail and pharmacy landscape [1].

References:
[1] https://www.reuters.com/sustainability/boards-policy-regulation/walgreens-names-mike-motz-ceo-goes-private-under-sycamore-partners-2025-08-28/
[2] https://www.marketscreener.com/news/sycamore-partners-management-l-p-completed-the-acquisition-of-walgreens-boots-alliance-inc-from-s-ce7c50dcd98ff524