Sycamore Partners In Talks To Buy Walgreens Boots Alliance

Sycamore Partners is reportedly in discussions to acquire the struggling drugstore chain Walgreens Boots Alliance Inc., Aaron Kirchfeld and Dinesh Nair reported for Bloomberg News.

Walgreens has faced significant financial challenges, with its shares losing two-thirds of their value over the past year. I Photo: Mike Mozart Flickr

The New York-based private equity firm has been holding ongoing talks about a deal to take Walgreens private, according to people familiar with the matter. However, the discussions remain tentative, and there is no guarantee that an agreement will be reached.

The news sparked a surge in Walgreens' stock, which climbed as much as 28%—its largest single-day gain since at least 1980.

The stock was up 20% by early Tuesday afternoon, giving the company a market valuation of approximately $9.2 billion, according to Gillian Tan and Cynthia Koons of Bloomberg News.

Walgreens has faced significant financial challenges, with its shares losing two-thirds of their value over the past year, making it the worst-performing stock in the S&P 500 for 2024.