Walgreens Boots Alliance (WBA) shares soared Tuesday afternoon on a report that the struggling pharmacy chain is in talks to sell itself to Sycamore Partners.
The Wall Street Journal reported that Walgreens and the private equity firm “have been discussing a deal that could be completed early next year, assuming talks don’t fall apart.”
Sycamore “would likely sell off pieces of the business or work with partners,” the Journal added.
Walgreens Closing 1,200 Stores in Next Three Years
In October, Walgreens announced plans to close about 1,200 stores over the next three years, including 500 in fiscal 2025.
Walgreens shares recently jumped 18% on the news to $10.48, but they are still down 60% this year. The company’s current market capitalization is about $8 billion, but it was worth more than $100 billion nine years ago.
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