Do these 3 things before closing this tab:
1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsWalgreens became a privately held standalone company on August 28, 2025, after Sycamore Partners completed its acquisition of Walgreens Boots Alliance (WBA). That day, Walgreens appointed Mike Motz—formerly CEO of Staples US Retail—as its CEO, replacing Tim Wentworth. WBA shares ceased trading at closing and were set to be delisted from Nasdaq.
What changed on August 28, 2025
Sycamore Partners completed its acquisition of WBA, the parent company of Walgreens. Walgreens announced it would operate as a private standalone company and named Motz CEO effective immediately. The closing announcement also said Walgreens, The Boots Group, Shields Health Solutions, CareCentrix, and VillageMD would operate as separate standalone companies under private ownership. The SEC-filed completion announcement states that WBA common stock ceased trading and would no longer be listed on Nasdaq.
What the deal meant for WBA shareholders
The deal announcement described two different per-share components: cash at closing and a possible additional payment tied to future VillageMD monetization. They are not equivalent forms of consideration.
| Component | What was announced | Important qualification |
|---|---|---|
| Cash consideration | $11.45 per WBA share | The March 6, 2025 agreement announcement described this as cash consideration for shareholders. The August 28 completion exhibit restated the amount. |
| VillageMD-linked right | One non-transferable right per share to receive up to an additional $3.00 | Payment depends on net proceeds from future monetization of WBA’s debt and equity interests in VillageMD, which includes Village Medical, Summit Health, and CityMD. The maximum is not guaranteed. |
| Headline transaction value | Up to $23.7 billion | This is the announced total transaction-value measure, not cash paid to shareholders at closing. The agreement’s calculation included per-share consideration and other adjustments, including net debt, capital leases, opioid liability present value, the Everly settlement, and equity investments. |
The March agreement said the $11.45 cash amount represented a 29% premium, and that total consideration including the contingent right represented a premium of up to 63%, compared with WBA’s December 9, 2024 closing share price of $8.85. Those premium comparisons use that specific reference price; the contingent portion remained dependent on future proceeds. See Walgreens’ March 6, 2025 agreement announcement and the August 28 completion exhibit.
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Who is Mike Motz?
Walgreens’ announcement identifies Motz as the former CEO of Staples US Retail, a Sycamore portfolio company, and the former President of Shoppers Drug Mart, which the release described as Canada’s No. 1 pharmacy chain. The company announced that he succeeded Wentworth as CEO effective August 28, 2025. It also said Wentworth would continue as an ongoing director and named John Lederer, a former WBA director and Sycamore senior advisor, Walgreens Executive Chairman.
Motz described the change as a new chapter and said Walgreens would renew its focus on its pharmacy and retail platform, stores, and customer experience. That is the company’s stated direction, not evidence that a particular turnaround outcome has already been achieved. The appointment and the quoted plans are in Walgreens’ August 28, 2025 announcement.
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What private ownership changes—and what it does not establish
Private ownership means WBA shares are no longer publicly traded on Nasdaq after closing. It does not, by itself, establish how Walgreens will perform, what its future strategy will deliver, or whether its stores or services will change. The company said Walgreens would continue as a standalone business alongside the other named companies; the closing announcement does not make those businesses one combined operating company.
For scale, Walgreens reported in its August 2025 announcement that it served nearly 9 million customers and patients each day and operated approximately 8,500 stores across the United States and Puerto Rico. These are company-reported figures, not independent measurements. The same release says the business was founded in 1901 and that Stefano Pessina and his family reinvested all their interests in Walgreens; that statement should not be read as saying they alone own the company.
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Timeline
- March 6, 2025: WBA announced a definitive agreement to be acquired by an entity affiliated with Sycamore Partners, with an announced total transaction value of up to $23.7 billion.
- August 28, 2025: Sycamore announced completion. Walgreens said it would operate as a private standalone company and appointed Motz CEO effective immediately.
- At closing: WBA common stock ceased trading and was to be delisted from Nasdaq; the five named businesses were to operate as separate standalone companies.
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