Walgreens stock surges on report that it could be taken private
CNN
Walgreens is reportedly looking to take itself private in a deal with Sycamore Partners, sending the stock nearly 20% higher Tuesday.
Walgreens is reportedly looking to take itself private in a deal with Sycamore Partners, sending the stock nearly 20% higher Tuesday. The Wall Street Journal reported that the beleaguered drugstore giant and the private equity firm are discussing a deal that could be completed early next year. Walgreens Boots Alliance (WBA) told CNN it doesn’t comment on rumors and speculation. Details of the potential deal are still being ironed out. Since Sycamore focuses on smaller deals it “would likely sell off pieces” of Walgreens to make the acquisition more financially manageable, the Journal said. Sycamore had no comment on the Journal’s report. Similar to rivals CVS and Rite Aid, Walgreens has closed hundreds of stores and struggled with declining prescription reimbursements in recent years, sending its value plummeting to just around $8 billion from $100 billion a decade ago. Walgreens’ shares are down 60% for the year. In October, Walgreens announced was closing approximately 1,200 locations. About one in seven Walgreens currently open will close its doors by 2027. It currently has nearly 9,000 locations across the US.
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