Aug 28, 2025 - Business
Private equity firm completes Walgreens buyout
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Sycamore Partners completed its $23.7 billion takeover of Walgeens Boots Alliance, whose shares no longer will trade on the Nasdaq.
Why it matters: One of the nation's largest pharmacy chains is now owned by a private equity firm with no health care experience, as Sycamore has focused exclusively on retail.
- The company will be led by new CEO Mike Motz, who previously led U.S. retail for Sycamore portfolio company Staples. Before that, he was president of Canada's Shoppers Drug Mart.
- Former CEO Tim Wentworth will remain on the board.
The intrigue: Might Sycamore consider selling off Shields? It's a Walgreens crown jewel, but also a complex specialty pharmacy business whose disposal could help reduce debt.
- Sycamore already disclosed its intention to sell VillageMD, which includes Village Medical, Summit Health, and CityMD.
The bottom line: This is the largest retail LBO of all-time, and Walgreens appears to have more annual revenue than any other company ever acquired by private equity.
