Walgreens Boots Alliance, Inc. announced that its shareholders have approved the acquisition of the company by entities affiliated with Sycamore Partners Management, L.P. At a special meeting, approximately 96% of votes cast by all shareholders favored the merger agreement proposal. Among unaffiliated shareholders, about 95% supported the proposal.
Tim Wentworth, Chief Executive Officer of Walgreens Boots Alliance, stated, “We appreciate the consideration and overwhelming support from our shareholders in our value-maximizing transaction with Sycamore.” He added that this partnership will help accelerate their turnaround strategy and enhance customer experience.
Under the terms of the merger agreement announced on March 6, 2025, WBA shareholders will receive $11.45 per share in cash at closing and one non-transferable Divested Asset Proceeds Right to potentially receive up to an additional $3.00 per share.
The transaction is expected to close in late 2025 after customary conditions are met and regulatory approvals are obtained. Final voting results will be reported in a Form 8-K filed with the U.S. Securities and Exchange Commission.
Centerview Partners served as financial advisor while Kirkland & Ellis LLP acted as legal advisor for WBA. Morgan Stanley & Co. LLC also provided financial advice and a fairness opinion to WBA's Board of Directors.
Walgreens Boots Alliance operates approximately 12,500 locations across several countries and employs around 312,000 people globally.