CHICAGO, March 6 (Xinhua) -- Walgreens Boots Alliance is being acquired by an entity affiliated with a private equity firm for 10 billion U.S. dollars, the retail pharmacy giant announced Thursday.

The purchaser, Sycamore, affiliated with Sycamore Partners, is a New York-based private equity firm specializing in retail, consumer and distribution-related investments.

The deal is expected to close in the fourth quarter of this year.

The pharmacy retailer, based in Deerfield, Illinois, will continue to operate under the names of Walgreens in the United States, and Boots in the United Kingdom, and its headquarters will remain in the Chicago area, said a news release of the pharmacy giant.

Walgreens has been struggling with industry-wide challenges for years, facing such issues as medication reimbursements and changing consumer habits. Walgreens has also invested billions of dollars into primary care provider VillageMD, planning to put Village Medical clinics in 1,000 of its stores by 2027, but later reversed course on that plan, the Chicago Tribune reported on Thursday.

In response to those challenges and others, Walgreens in October announced plans to shut down 1,200 stores over the next three years, and has been slashing costs for years. Enditem

Related

Go to Forum >>0 Comment(s)