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Sycamore Partners completed its acquisition of Walgreens Boots Alliance (WBA) on August 28, 2025. WBA shareholders were offered $11.45 per share in cash at closing, plus a separate, non-transferable right to receive up to $3 more per share if certain VillageMD-related interests are monetized. That additional amount was contingent, not guaranteed cash.
What did Sycamore pay for Walgreens?
The roughly $10 billion headline described the transaction’s approximate equity value; it should not be read as total enterprise value or as the cash paid directly to shareholders. Under the announced terms, consideration consisted of two distinct parts:
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Walgreens eGift Card - $50 - Standard | $50.00 | Buy on Amazon |
| 2 |
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Walgreens eGift Card - $100 - Standard | $100.00 | Buy on Amazon |
| 3 |
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Walgreens Physical Gift Card - $25 | $25.00 | Buy on Amazon |
| 4 |
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Walgreens Physical Gift Card - $50 | $50.00 | Buy on Amazon |
| 5 |
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Walgreens Physical Gift Card - $100 | $100.00 | Buy on Amazon |
- $11.45 per WBA share in cash at closing.
- A non-transferable Divested Asset Proceeds Right that could pay up to an additional $3 per share from future monetization of WBA’s debt and equity interests in VillageMD, which included Village Medical, Summit Health, and CityMD.
The proceeds right depended on future monetization and was capped at $3 per share; it was not an additional guaranteed payment at closing. The terms were set out in Walgreens Boots Alliance’s March 6, 2025 announcement and its SEC-filed transaction announcement.
When did the deal close?
- March 6, 2025: WBA announced a definitive agreement to be acquired by an entity affiliated with Sycamore Partners.
- July 2025: WBA shareholders approved the transaction, according to the shareholder-approval announcement.
- August 28, 2025: Sycamore completed the acquisition. Walgreens said it was operating as a private standalone company, as recorded in the closing announcement and Form 8-K.
Is Walgreens still publicly traded?
No. Following the August 28, 2025 closing, Walgreens operated as a private standalone company rather than a publicly traded company. The acquisition covered Walgreens Boots Alliance, the public company whose shares were subject to the transaction.
#1 Best Overall
- A Walgreens Gift Card makes it easy to shop for essentials
- With stores nationwide, it's quick and convenient to use a Walgreens Gift Card. From prescriptions to food and photo processing, a Walgreens Gift Card buys it all.
- To make purchases online at Walgreens.com: During the checkout process select “Use Walgreens Gift Card”. Enter your 19-digit Walgreens card number. Enter the 3-digit CVV. Enter the amount that you want to apply to your purchase. Funds will be held on the card until your order ships or is picked up in-store.
- To make purchases at a Walgreens Store: Open the secure link from the email you received to display your gift card on your mobile device. You may also print your card and present it at the time of payment. The cashier will scan the barcode. As you use your Card, the balance is reduced by the full amount of each purchase including taxes, charges, and other fees, if any. You can use your Card to pay the full amount of the purchase and applicable taxes if the balance on the Card is sufficient. You can also make a purchase for an amount greater than the remaining balance by using two payment methods.
- No returns and no refunds on gift cards. Terms apply.
What happened to the other businesses?
After closing, Walgreens, The Boots Group, Shields Health Solutions, CareCentrix, and VillageMD were to operate as separate standalone companies. The closing announcement describes this post-transaction structure. That separation helps explain why the VillageMD-related proceeds right was distinct from the cash paid for each WBA share: it tied possible additional proceeds to future monetization of WBA’s interests in VillageMD.
Why did Walgreens agree to the sale?
Walgreens presented the transaction as a way to pursue a turnaround and advance its pharmacy, retail, and health-services strategy with Sycamore’s partnership. When shareholders approved the deal, CEO Tim Wentworth said Sycamore’s partnership would better position the company “to accelerate our turnaround strategy, further enhance the customer, patient and team member experience and become the first choice for pharmacy, retail and health services.” That was the company’s stated rationale, not evidence that the turnaround had succeeded.
Quick Recap
Best Value
- A Walgreens Gift Card makes it easy to shop for essentials
- With stores nationwide, it's quick and convenient to use a Walgreens Gift Card. From prescriptions to food and photo processing, a Walgreens Gift Card buys it all.
- To make purchases online at Walgreens.com: During the checkout process select “Use Walgreens Gift Card”. Enter your 19-digit Walgreens card number. Enter the 3-digit CVV. Enter the amount that you want to apply to your purchase. Funds will be held on the card until your order ships or is picked up in-store.
- To make purchases at a Walgreens Store: Open the secure link from the email you received to display your gift card on your mobile device. You may also print your card and present it at the time of payment. The cashier will scan the barcode. As you use your Card, the balance is reduced by the full amount of each purchase including taxes, charges, and other fees, if any. You can use your Card to pay the full amount of the purchase and applicable taxes if the balance on the Card is sufficient. You can also make a purchase for an amount greater than the remaining balance by using two payment methods.
- No returns and no refunds on gift cards. Terms apply.
Rank #4
- A Walgreens Gift Card makes it easy to shop for essentials
- With stores nationwide, it's quick and convenient to use a Walgreens Gift Card. From prescriptions to food and photo processing, a Walgreens Gift Card buys it all.
- To make purchases online at Walgreens.com: During the checkout process select “Use Walgreens Gift Card”. Enter your 19-digit Walgreens card number. Enter the 3-digit CVV. Enter the amount that you want to apply to your purchase. Funds will be held on the card until your order ships or is picked up in-store.
- To make purchases at a Walgreens Store: Open the secure link from the email you received to display your gift card on your mobile device. You may also print your card and present it at the time of payment. The cashier will scan the barcode. As you use your Card, the balance is reduced by the full amount of each purchase including taxes, charges, and other fees, if any. You can use your Card to pay the full amount of the purchase and applicable taxes if the balance on the Card is sufficient. You can also make a purchase for an amount greater than the remaining balance by using two payment methods.
- No returns and no refunds on gift cards. Terms apply.
Rank #3
- A Walgreens Gift Card makes it easy to shop for essentials
- With stores nationwide, it's quick and convenient to use a Walgreens Gift Card. From prescriptions to food and photo processing, a Walgreens Gift Card buys it all.
- To make purchases online at Walgreens.com: During the checkout process select “Use Walgreens Gift Card”. Enter your 19-digit Walgreens card number. Enter the 3-digit CVV. Enter the amount that you want to apply to your purchase. Funds will be held on the card until your order ships or is picked up in-store.
- To make purchases at a Walgreens Store: Open the secure link from the email you received to display your gift card on your mobile device. You may also print your card and present it at the time of payment. The cashier will scan the barcode. As you use your Card, the balance is reduced by the full amount of each purchase including taxes, charges, and other fees, if any. You can use your Card to pay the full amount of the purchase and applicable taxes if the balance on the Card is sufficient. You can also make a purchase for an amount greater than the remaining balance by using two payment methods.
- No returns and no refunds on gift cards. Terms apply.
Rank #2
- A Walgreens Gift Card makes it easy to shop for essentials
- With stores nationwide, it's quick and convenient to use a Walgreens Gift Card. From prescriptions to food and photo processing, a Walgreens Gift Card buys it all.
- To make purchases online at Walgreens.com: During the checkout process select “Use Walgreens Gift Card”. Enter your 19-digit Walgreens card number. Enter the 3-digit CVV. Enter the amount that you want to apply to your purchase. Funds will be held on the card until your order ships or is picked up in-store.
- To make purchases at a Walgreens Store: Open the secure link from the email you received to display your gift card on your mobile device. You may also print your card and present it at the time of payment. The cashier will scan the barcode. As you use your Card, the balance is reduced by the full amount of each purchase including taxes, charges, and other fees, if any. You can use your Card to pay the full amount of the purchase and applicable taxes if the balance on the Card is sufficient. You can also make a purchase for an amount greater than the remaining balance by using two payment methods.
- No returns and no refunds on gift cards. Terms apply.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
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