Walgreens Boots Alliance (WBA) Executive Chair Stefano Pessina is set to double his stake in the US retail and pharmacy giant as it prepares to go private in a $10 billion deal led by Sycamore Partners.
Pessina is expected to increase his ownership in WBA from 17% to 50%, according to The Times. The move comes after months of negotiations culminated in an acquisition agreement with Sycamore, a private equity firm focused on retail and consumer sectors, announced in April.
The transaction is expected to close in the fourth quarter of 2025, after which WBA’s common stock will be delisted from the Nasdaq Stock Market, marking the end of its time as a publicly traded company.
“For nearly 125 years, Walgreens, and for 175 years, Boots, along with their portfolio of trusted brands, have been integral to the lives of patients and customers,” said Stefan Kaluzny, Managing Director at Sycamore Partners.
“Sycamore has deep respect for WBA’s talented and dedicated team members, and we are committed to stewarding the company’s iconic brands.”
While Walgreens is a household name across the US, the deal has also cast a spotlight on Boots, the company’s UK-based pharmacy and beauty chain, raising fresh questions over its future.
Thousands of staff across Boots’ stores and corporate offices could face uncertainty as WBA’s ownership transitions.
This isn’t the first time the company has explored selling off Boots. In 2022, WBA attempted to offload the UK chain but abandoned the process due to what it described as “unexpected and dramatic” changes in market conditions.
Bids from suitors including Apollo Global Management reportedly fell short of WBA’s valuation.
Boots has continued to perform strongly within WBA’s portfolio. In 2024, the brand posted robust results, with retail sales climbing further in the first quarter of 2025. Second-quarter performance also impressed, with a 1.6% sales boost led by surging online demand.
The Sycamore acquisition positions WBA to reset its long-term strategy away from the public markets, and Pessina’s increased stake signals a renewed commitment to shaping that future from within.
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