Walgreens Boots Alliance (Nasdaq: WBA) shareholders overwhelmingly approved the $10 billion acquisition by private equity firm Sycamore Partners, taking the company private.
Shareholders will receive $11.45 per share, with potential additional payments tied to Walgreens’ VillageMD interests, as reported by the Associated Press. The move comes amid industry challenges, including declining reimbursements and shifting consumer habits, prompting Walgreens to plan closing over 1,000 stores through 2027.
Going private will allow Walgreens more operational flexibility to execute its turnaround strategy.