Walgreens Boots Alliance (WBA) last week (July 11) announced that its shareholders voted to “overwhelmingly approve” its acquisition by private equity firm Sycamore Partners in a “special meeting”.
Boots’ parent company revealed that it had “entered into a definitive agreement to be acquired” by the firm in March, in a long-anticipated deal worth “up to $23.7 billion”.
Read more: IN FULL: Boots’ parent company sold in $24bn private equity deal
Now, it has announced that the transaction is “expected to close” in the third or fourth quarter of calendar year 2025 – “subject to customary closing conditions including the receipt of required regulatory approvals”.
According to “preliminary results”, around 96% of all shareholder votes cast at the special meeting were in favour of the merger agreement proposal with around 95% of “unaffiliated shareholders” voting in favour, it said.
“Value-maximising transaction”
“We appreciate the consideration and overwhelming support from our shareholders in our value-maximising transaction with Sycamore,” WBA chief executive Tim Wentworth said.
“With Sycamore’s partnership, we will be better positioned to accelerate our turnaround strategy, further enhance the customer, patient and team member experience and become the first choice for pharmacy, retail and health services,” he added.
The sale appears to include Boots UK and will mean WBA will become a private company upon completion.
Read more: What does the future hold for Boots - and its pharmacists?
It came after sale rumours reignited earlier this year, some two and a half years after WBA announced in 2022 that it had ultimately decided not to sell its UK pharmacy chain Boots.
Meanwhile, new Boots financial filings last month revealed that the multiple scrapped almost 400 stores – 20% of its store portfolio - in just two years, bringing the total number below its initial target.
Its annual report said that Boots more than quadrupled its pre-tax profits year-on-year to £269 million – but also revealed that without “a one-off past service credit in respect of the pension scheme of £219m”, operating profits decreased by some £33m to £55m.
