Walgreens Boots Alliance has announced it has entered into a definitive agreement to be acquired by an entity affiliated with Sycamore Partners in a deal valued at $23.7 billion. Sycamore Partners is a private equity firm specializing in retail, consumer and distribution-related investments.

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 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.