August 28, 2025 · Retail Dive / Healthcare Brew

Sycamore Partners completed its $10B acquisition of Walgreens Boots Alliance on August 28, 2025 — ending nearly 100 years as a public company. Walgreens, Boots, Shields Health Solutions, CareCentrix, and VillageMD are now five separate operating companies. Mike Motz (former Staples US Retail CEO and Sycamore portfolio executive) became Walgreens CEO. The deal was financed with 70.9% debt per the DEFM14A — among the most leveraged buyouts in retail history. The Private Equity Stakeholder Project warned the deal puts ‘patients, workers, and entire communities at risk’ citing Sycamore’s track record of bankruptcies.

Source: https://www.retaildive.com/news/sycamore-walgreens-acquisition-close-retailer-split/758929/