NEW YORK (AP) — Walgreens Boots Alliance says it has agreed to be acquired by private equity firm Sycamore Partners as the struggling retailer looks to turn itself around after years of losing money.
Walgreens said Thursday that Sycamore will pay $11.45 per share, giving the deal an equity value just under $10 billion. Shareholders could eventually receive up to another $3 per share under certain conditions.
A buyout to take the drugstore chain private would give it more flexibility to make changes to improve its business without worrying about Wall Street’s reaction. The company has already been making some big changes as it seeks to turn around its business. Walgreens has been a public company since 1927.
Walgreens, founded in 1901, has been dealing with thin prescription reimbursement, rising costs, persistent theft and inflation-sensitive shoppers who are looking for bargains elsewhere. Walgreens is in the early stages of a plan to close 1,200 of its roughly 8,500 U.S. locations.
The Deerfield, Illinois, company had already shed about a thousand U.S. stores since it grew to nearly 9,500 after buying some Rite Aid locations in 2018.
The company also said last August that it was reviewing a U.S. health care operation it had expanded aggressively, and it might sell all or part of its VillageMD clinic business. That announcement came less than two years after the company said it would spend billions to expand it.
Shares of Walgreens shed nearly two thirds of their value last year. Walgreens said the transaction price represents a nearly 30% premium to the share price in December when reports of a deal first surfaced. Walgreens CEO Tim Wentworth confirmed in January that a sale process for the business was underway. Including debt, the value of the deal is just under $24 billion, the company said.
Walgreens said earlier this year it was making progress improving prescription reimbursement.
Walgreens has also taken steps to preserve cash. It said in January that it was suspending a quarterly dividend it has offered for more than 90 years, and it's been reducing its stake in the drug distributor Cencora this year to get cash in part to pay down debt.
Ultimately, the company has to improve its cash flow, whether it remains publicly traded or goes private, Leerink Partners analyst Michael Cherny said in a Feb. 23 research note.
“Management has not been shy about its push to improve the cash flow generation profile as part of the turnaround plan,” the analyst wrote. “Without cash flow, none of the value cases work.”
Walgreens Boots Alliance Inc. also runs nearly 3,700 international stores, with locations in the United Kingdom, Mexico, Thailand and Ireland.
The Walgreens buyout comes after competitor Rite Aid emerged last September as a private company from a Chapter 11 bankruptcy reorganization. Remaining publicly traded drugstore operators include the nation’s largest, CVS Health Corp., and retailers like Walmart and the grocer Kroger that run pharmacies at many of their locations.
FILE - A sign for Walgreens Pharmacy is shown on June 25, 2019, in Pittsburgh. (AP Photo/Gene J. Puskar, File)
ORCHARD PARK, N.Y. (AP) — Buffalo Bills fans arrived early and lingered long after the game ended to bid what could be farewell to their long-time home stadium filled with 53 years of memories — and often piles of snow.
After singing along together to The Killers' “Mr. Brightside” in the closing minutes of a 35-8 victory against the New York Jets, most everyone in the crowd of 70,944 remained in their seats to bask in the glow of fireworks as Louis Armstrong's "What A Wonderful World” played over the stadium speakers.
Several players stopped in the end zone to watch a retrospective video, with the Buffalo-based Goo Goo Dolls’ “Iris” as the soundtrack while fans recorded selfie videos of the celebratory scene. Offensive lineman Alec Anderson even jumped into the crowd to pose for pictures before leaving the field.
With the Bills (12-5), the AFC's 6th seed, opening the playoffs at Jacksonville in the wild-card round next week, there's but a slim chance they'll play at their old home again. Next season, Buffalo is set to move into its new $1.2 billion facility being built across the street.
The farewell game evoked “a lifetime of memories,” said Therese Forton-Barnes, selected the team’s Fan of the Year, before the Bills kicked of their regular-season finale. “In our culture that we know and love, we can bond together from that experience. Our love for this team, our love for this city, have branched from those roots.”
Forton-Barnes, a past president of the Greater Buffalo Sports Hall of Fame, attended Bills games as a child at the old War Memorial Stadium in downtown Buffalo, colloquially known as “The Rockpile.” She has been a season ticket holder since Jim Kelly joined the Bills in 1986 at what was then Rich Stadium, later renamed for the team’s founding owner Ralph Wilson, and then corporate sponsors New Era and Highmark.
“I’ve been to over 350 games,” she said. “Today we’re here to cherish and celebrate the past, present and future. We have so many memories that you can’t erase at Rich Stadium, The Ralph, and now Highmark. Forever we will hold these memories when we move across the street.”
There was a celebratory mood to the day, with fans arriving early. Cars lined Abbott Road some 90 minutes before the stadium lots opened for a game the Bills rested most of their starters, with a brisk wind blowing in off of nearby Lake Erie and with temperatures dipping into the low 20s.
And most were in their seats when Bills owner Terry Pegula thanked fans and stadium workers in a pregame address.
With Buffalo leading 21-0 at halftime, many fans stayed in their seats as Kelly and fellow Pro Football Hall of Famer Andre Reed addressed them from the field, and the team played a video message from 100-year-old Hall of Fame coach Marv Levy.
“The fans have been unbelievable,” said Jack Hofstetter, a ticket-taker since the stadium opened in 1973 who was presented with Super Bowl tickets before Sunday’s game by Highmark Blue Cross Blue Shield. “I was a kid making 8 bucks a game back in those days. I got to see all the sports, ushering in the stadium and taking tickets later on. All the memories, it’s been fantastic.”
Bud Light commemorated the stadium finale and Bills fan culture with the release of a special-edition beer brewed with melted snow shoveled out of the stadium earlier this season.
In what has become a winter tradition at the stadium, fans were hired to clear the stands after a lake-effect storm dropped more than a foot of snow on the region this week.
The few remaining shovelers were still present clearing the pathways and end zone stands of snow some five hours before kickoff. The new stadium won’t require as many shovelers, with the field heated and with more than two-thirds of the 60,000-plus seats covered by a curved roof overhang.
Fears of fans rushing the field were abated with large contingent of security personnel and backed by New York State troopers began lining the field during the final 2-minute warning.
Fans stayed in the stands, singing along to the music, with many lingering to take one last glimpse inside the stadium where the scoreboard broadcast one last message:
“Thank You, Bills Mafia.”
AP Sports Writer John Wawrow contributed.
AP NFL: https://apnews.com/hub/nfl
Fans watch a ceremony after the Buffalo Bills beat the New York Jets in the Bills' final regular-season NFL football home game in Highmark Stadium Sunday, Jan. 4, 2026, in Orchard Park, N.Y. (AP Photo/Adrian Kraus)
Buffalo Bills cornerback Tre'Davious White (27) remains on the field to watch a tribute video after the Bills beat the New York Jets in the Bills' final regular-season NFL football home game in Highmark Stadium Sunday, Jan. 4, 2026, in Orchard Park, N.Y.(AP Photo/Adrian Kraus)
Fans watch a ceremony after the Buffalo Bills beat the New York Jets in the Bills' final regular-season NFL football home game in Highmark Stadium Sunday, Jan. 4, 2026, in Orchard Park, N.Y. (AP Photo/Adrian Kraus)
Fans celebrate after the Buffalo Bills scored a touchdown during the first half of an NFL football game against the New York Jets, Sunday, Jan. 4, 2026, in Orchard Park, N.Y. (AP Photo/Carolyn Kaster)
Fans celebrate and throw snow in the stands after an NFL football game between the Buffalo Bills and the New York Jets, Sunday, Jan. 4, 2026, in Orchard Park, N.Y. (AP Photo/Carolyn Kaster)
Aga Deters, right, and her husband Fred Deters, walk near Highmark Stadium before an NFL football game between the Buffalo Bills and the New York Jets, Sunday, Jan. 4, 2026, in Orchard Park, N.Y. (AP Photo/Carolyn Kaster)
Michael Wygant shoves snow from a tunnel before an NFL football game between the Buffalo Bills and the New York Jets at Highmark Stadium, Sunday, Jan. 4, 2026, in Orchard Park, N.Y. (AP Photo/Carolyn Kaster)
Buffalo Bills offensive tackle Alec Anderson (70) spikes the ball after running back Ty Johnson scored a touchdown against the New York Jets in the first half of an NFL football game Sunday, Jan. 4, 2026, in Orchard Park, N.Y. (AP Photo/Seth Wenig)
FILE - The existing Highmark Stadium, foreground, frames the construction on the new Highmark Stadium, upper right, which is scheduled to open with the 2026 season, shown before an NFL football game between the Buffalo Bills and the New England Patriots, Oct. 5, 2025, in Orchard Park, N.Y. (AP Photo/Gene J. Puskar, File)
Salt crew member Jim Earl sprinkles salt in the upper deck before an NFL football game between the Buffalo Bills and the New York Jets at Highmark Stadium, Sunday, Jan. 4, 2026, in Orchard Park, N.Y. (AP Photo/Carolyn Kaster)
