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DEERFIELD, Ill. - Walgreens Boots Alliance (NASDAQ:WBA) shareholders have overwhelmingly approved the company’s acquisition by Sycamore Partners, with approximately 96% of votes cast in favor of the deal, according to preliminary results announced Friday. The $10 billion market cap company, which has seen its stock rise nearly 24% year-to-date, currently trades at $11.56 per share.
The transaction, initially announced on March 6, will see WBA shareholders receive $11.45 per share in cash upon closing. Shareholders will also receive a non-transferable Divested Asset Proceeds Right that could provide up to an additional $3.00 per share from the future monetization of WBA’s interests in VillageMD, which includes Village Medical, Summit Health and CityMD businesses. The company currently maintains an 8.65% dividend yield and a FAIR financial health score, according to InvestingPro analysis.
About 95% of votes cast by unaffiliated shareholders supported the merger agreement proposal at the Special Meeting of Shareholders.
"We appreciate the consideration and overwhelming support from our shareholders in our value-maximizing transaction with Sycamore," said Tim Wentworth, Chief Executive Officer of Walgreens Boots Alliance, in a press release statement.
The transaction is expected to close in the third or fourth quarter of 2025, subject to customary closing conditions including required regulatory approvals.
Walgreens Boots Alliance operates approximately 12,500 pharmacy and retail locations across the U.S., Europe and Latin America, employing around 312,000 people across eight countries. With annual revenue of $154.6 billion, the company’s consumer brands include Walgreens, Boots, Duane Reade, No7 Beauty Company and Benavides. For deeper insights into WBA’s financial performance and valuation metrics, access the comprehensive Pro Research Report available exclusively on InvestingPro.
Centerview Partners is serving as financial advisor to WBA, with Kirkland & Ellis LLP acting as legal advisor and Ropes & Gray LLP as healthcare regulatory counsel. Morgan Stanley also provided financial advisory services and a fairness opinion to the WBA Board of Directors.
In other recent news, Walgreens Boots Alliance reported several significant developments. Evercore ISI maintained its In Line rating and $11.45 price target for Walgreens, noting that the company’s quarterly results aligned with previous estimates. The research firm indicated that the ongoing acquisition by Sycamore Partners is likely to proceed without disruption. Walgreens also announced the termination of two major credit agreements, replacing them with a new $2.5 billion accounts receivable facility, as detailed in a recent SEC filing. In a legal update, Walgreens reached a $300 million settlement with the Department of Justice over opioid-related allegations, which includes payments over six years and potential contingency payments. Additionally, Walgreens partnered with KFF for National HIV Testing Day, offering free rapid testing at over 575 stores, marking the largest participation in the event’s history. The testing initiative includes contributions from national health organizations and aims to address ongoing high rates of STDs in the U.S. These developments highlight Walgreens’ efforts in financial restructuring, legal resolution, and public health initiatives.
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