Boots Chairman more than doubles stake in Walgreens amid $10 billion takeover

By Alessandro Carrara | Published: 12-May-2025

Sycamore Partners will complete its acquisition of Boots’ owner Walgreens Boots Alliance (WBA) later this year, turning it into a private company

The Chairman of Boots is doubling his stake in the beauty retailer’s parent company Walgreens Boots Alliance (WBA) amid a US$10bn takeover of the business.

Stefano Pessina, who also serves as Executive Chair of WBA, is reportedly set to increase his stake from 17% to 50%, The Times reported. 

It follows Sycamore Partners, a private equity firm focused on retail, consumer and distribution-related investments, confirming its $10bn takeover of WBA in April. 

The acquisition, which came after months of talks, is expected to take place when the transaction closes in Q4 2025 and will see WBA become a private company. 

WBA’s common stock will no longer be listed on the Nasdaq Stock Market following the completion of the deal.

“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 of Sycamore Partners, on the takeover at the time. 

“Sycamore has deep respect for WBA’s talented and dedicated team members, and we are committed to stewarding the Company’s iconic brands.” 

The acquisition, however, has placed uncertainty on thousands of workers at Boots across its store portfolio and head office locations.

WBA had previously attempted to sell off the health and beauty chain

The company also explored a sale of Boots in 2022 but abandoned the process after citing “unexpected and dramatic” shifts in market conditions

Previous offers, including those from Apollo Global Management, were seen to be inadequate by WBA.

Boots has maintained a strong performance in the company’s financial results throughout 2024, and reported a strong start with an uplift in retail sales during the first quarter of 2025.

The beauty chain’s second quarter results also delivered, with sales soaring by 1.6%, driven by a boom in online purchases. 

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