Is Walgreens a Good Play?
With Walgreens Boots Alliance poised to go private, investors face a critical decision: Will the pending acquisition by Sycamore Partners deliver sufficient return for stockholders?

Acquisition Deal Anchors the Price
In March 2025, Walgreens agreed to be acquired by Sycamore Partners for $11.45 per share in cash—implying a company equity value of around $10 billion. When including debt, the total transaction value approaches $23.7 billion. Shares currently trade close to that level, leaving limited room for further gains unless additional payouts materialize.
Overwhelming Shareholder Approval
Nearly 96% of shareholders, including 95% of unaffiliated investors, voted to approve the buyout. The transaction is expected to close in the second half of 2025, pending regulatory review.
Extra Value Tied to VillageMD Asset Sale
Investors may receive up to $3 per share in additional proceeds if Walgreens’ healthcare segment—primarily its stake in VillageMD—is sold after the deal closes. That would bring the total value to approximately $14.45 per share.
Significant Risks If Deal Falls Through
If the deal doesn’t go through—due to regulatory or financing challenges—the stock could fall sharply. Walgreens continues to face competitive pressures, retail traffic decline, and uncertainties in its healthcare strategy.
Long-Term Growth Picture is Unclear
Even with healthcare expansion efforts, Walgreens has struggled to deliver consistent profitability. If Sycamore streamlines operations post-acquisition, long-term benefits would likely favor private equity stakeholders—not current shareholders.
Conclusion
Buying Walgreens stock today is essentially a bet on the deal’s success and the potential sale of its healthcare assets. While the upside is modest, the risk of downside remains if the acquisition fails. Investors should closely follow updates on regulatory approval and asset divestitures in the coming months.