Walgreens Boots Alliance, Inc. (WBA) entered a merger agreement on March 6, 2025, to be taken private by Sycamore Partners in a deal valued at about $23.7 billion.
Under the terms of the agreement, Walgreens Boots Alliance shareholders will receive total consideration consisting of $11.45 per share in cash at closing of the Sycamore transaction and one non-transferable right (a Divested Asset Proceed Right or DAP Right) to receive up to $3.00 in cash per WBA share from the future monetization of WBA’s debt and equity interests in VillageMD, which includes the Village Medical, Summit Health and CityMD businesses.