M&A · Industrials · Retail-Drug Stores and Proprietary Stores
Sycamore Partners to acquire Walgreens Boots Alliance, Inc.
Announced Mar 6, 2025 · Closed Aug 28, 2025
Deal value$9.89BEV $17.54B
Premium29.0%To unaffected price
EV / Adj. EBITDA—0.1x EV / Revenue
ConsiderationAll cash$11.45 per share
Transaction
- Acquirer
- Sycamore Partners
- Target
- Walgreens Boots Alliance, Inc. (WBA)
- Buyer type
- Private equity
- Offer price per share
- $11.45
- Enterprise value
- $17.54B
- Status
- Closed Aug 28, 2025
Deal protections
- Break fee (target pays)
- $316M · 3.2%
- Reverse fee (buyer pays)
- $560M · 5.7%
- Go-shop
- 35-day go-shop
- Financing
- Committed · Wells Fargo, Citigroup, Mizuho, JPMorgan, Goldman Sachs, UBS +1
Advisors
- To the acquirer
- UBS, Goldman Sachs, JPMorgan, Citigroup, Wells Fargo
- To the target
- Centerview, Morgan Stanley
- Centerview fee
- $60.0M
- Morgan Stanley fee
- $10.0M
Sector context · Industrials
- Comparable deals
- 88 in the prior 24 months
- Premium
- 29.0% vs. 38.0% sector median
- EV / Adj. EBITDA
- Sector median 9.1x
- Break fee
- 3.2% vs. 2.7% sector median
Timeline
- AnnouncedMar 6, 2025
- Proxy filedApr 14, 2025
- Definitive proxyJun 6, 2025
- Shareholder voteJul 11, 2025
- ClosedAug 28, 2025
Valuation · fairness opinions
Discounted cash flowCenterview$12.35$12.85
Trading comparablesCenterview$4.60$12.70
Precedent transactionsCenterview$6.90$15.20
Discounted cash flowCenterview$10.80$19.10
Analyst price targetsCenterview$7.00$15.00
Precedent transactionsMorgan Stanley$12.64$13.36
Trading comparablesMorgan Stanley$7.95$12.25
Discounted cash flowMorgan Stanley$11.60$19.90
Discounted cash flowMorgan Stanley$12.64$13.36
Future share priceMorgan Stanley$8.05$10.75
Offer $11.45
Implied value per Walgreens Boots Alliance, Inc. share by analysis, from Centerview and Morgan Stanley · DCF discount rate 9.25%–10.75%.