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Walgreens Boots Alliance’s stock shot up 18 percent after reports emerged that the company is in talks to be acquired by private equity firm Sycamore Partners.
Spokespeople for Walgreens Boots Alliance and Sycamore Partners declined to comment on the matter, first reported by The Wall Street Journal.
Walgreens Boots Alliance’s share price is down roughly 60 percent in the year to date as it has struggled to regain its footing post-pandemic, but on Tuesday it closed up 18 percent, or $1.57, to $10.42.
In October 2023, Walgreens tapped Tim Wentworth as its new chief executive officer, taking over from Roz Brewer, as the company moved further away from its drugstore origins and into health care.
Most recently, it revealed plans to shutter about 1,200 stores over the next three years, including around 500 in fiscal 2025.
“In fiscal 2025, we are focusing on stabilizing the retail pharmacy by optimizing our footprint, controlling operating costs, improving cash flow, and continuing to address reimbursement models to support dispensing margins and preserve patient access for the future,” said Wentworth at the time. “This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term.”
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