Terrence Anthony James / Chicago Tribune Tribune News Service via Getty Images
Walgreens Boots Alliance shares (WBA), which are owned by Sycamore Partners, soared in value Tuesday afternoon following a news report that said the pharmacy chain was in discussions to be sold.
The Wall Street Journal revealed that Walgreens, a private equity company and other companies are involved. “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 to close 1,200 stores in the Next Three Years
Walgreens has announced that it will close 1,200 of its stores in the coming three years. This includes 500 by fiscal 2025.
Walgreens’ shares rose 18% to $10.48 on recent news, but are still down 60 percent this year. Walgreens’ current market cap is $8 billion. Nine years ago, it was valued at more than $100 billion.
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