Walgreens Boots Alliance says it has agreed to be acquired by the private equity firm Sycamore Partners as the struggling retailer looks to turn itself around after years of losing money.

Walgreens Boots Alliance Inc. announced Thursday it has entered into a definitive agreement to be sold for $10 billion to private equity firm Sycamore Partners, which specializes in retail, consumer and distribution-related investments.

A buyout to take the drugstore chain private would give it more flexibility to make changes to improve its business without worrying about Wall Street’s reaction.

The companies are putting the final touches on a transaction that may be announced as soon as this week, sources said.

Sycamore Partners is nearing an acquisition of Walgreens Boots Alliance Inc., people with knowledge of the matter said, in a deal that could end the drugstore operator’s tumultuous run as a public company.

Sycamore Partners, a private equity firm, will buy Walgreens Boots Alliance at $11.45 per share as Walgreens will go private for the first time in decades.

The Walgreens Boots Alliance Friday said the drug store chain is going private, acquired by private equity company Sycamore Partners in a $23.7 billion deal described as a "definitive agreement."

Walgreens Boots Alliance will be taken private by Sycamore Partners for $10 billion, the firms said on Thursday, closing out nearly a century of trading on public markets for the U.S. pharmacy giant.

Sycamore has agreed to pay $11.45 per share in cash for the ailing pharmacy chain. The total value of the transaction is up to $23.7 billion. Impact of New Tariffs on Retail: Textiles and Apparel Sectors Brace for Higher Costs Walgreen Boots has been struggling to regain its footing post-pandemic and closing stores.