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Walgreens Boots Alliance (WBA), the parent company of Boots UK, has been sold to private equity firm Sycamore Partners, it has announced.
In a statement published on 6 March 2025, WBA said it had “entered into a definitive agreement to be acquired by an entity affiliated with Sycamore Partners, a private equity firm specialising in retail, consumer and distribution-related investments”.
The total value of the deal “represents up to US$23.7bn” and includes Boots UK, WBA has confirmed.
“Leveraging WBA’s healthcare expertise and Sycamore’s established leadership in retail and consumer services, WBA will be better positioned to become the first choice for pharmacy, retail and health services.
“The company will continue to operate under Walgreens, Boots and its trusted portfolio of consumer brands,” it added.
The transaction is expected to close in the final three months of 2025, “subject to customary closing conditions, including approval by WBA shareholders… and the receipt of required regulatory approvals”.
The deal comes after WBA put Boots up for sale in January 2022 but abandoned the plans after “market instability” meant no potential buyers had been able to make a high enough offer.
Formerly Walgreens, the US company acquired Boots in 2014, becoming WBA.
In June 2023, WBA announced it would close 300 Boots stores in the UK, as part of plans to save US$800m. The company later confirmed in July 2024 that the closures would be completed in the summer of 2024, bringing the total number to 650 store closures in the UK.
There are currently 1,800 Boots stores in the UK.
Tim Wentworth, chief executive of WBA, said: “Throughout our history, Walgreens Boots Alliance has played a critical role in the retail healthcare ecosystem. We are focused on making healthcare delivery more effective, convenient and affordable as we navigate the challenges of a rapidly evolving pharmacy industry and an increasingly complex and competitive retail landscape.
“While we are making progress against our ambitious turnaround strategy, meaningful value creation will take time, focus and change that is better managed as a private company. Sycamore will provide us with the expertise and experience of a partner with a strong track record of successful retail turnarounds.”
Stefan Kaluzny, managing director of Sycamore Partners, said: “For nearly 125 years, Walgreens, and for 175 years, Boots, along with their portfolio of trusted brands, have been integral to the lives of patients and customers. Sycamore has deep respect for WBA’s talented and dedicated team members, and we are committed to stewarding the company’s iconic brands.
“This transaction reflects our confidence in WBA’s pharmacy-led model and essential role in driving better outcomes for patients, customers and communities.”
In a statement to The Pharmaceutical Journal, the Pharmacists’ Defence Association (PDA), which represents Boots pharmacists, said: “The PDA recognises why the possibility of private equity ownership, and the inability to influence that, may be particularly worrying to pharmacists and other employees, who have so recently seen what happened in the UK community pharmacy sector in the case of LloydsPharmacy.
“The PDA will support members to understand and exercise their rights at work and meet their professional responsibilities. If there are threats to job security or other unwelcome changes, the PDA will represent and coordinate the response of pharmacists.
“The PDA also calls upon the NHS and the General Pharmaceutical Council to ensure that any possible impacts on the community pharmacy network because of this development are appropriately managed to ensure access for the public and that standards are constantly maintained.”
