Key parties include acquirer Sycamore Partners (New York private equity firm specializing in retail), target Walgreens Boots Alliance (Chicago-based with 12,500+ global locations), and Stefano Pessina (WBA Executive Chairman owning ~17% shares, who reinvested fully alongside his family).[1][2][5] Advisors to Sycamore: Bass Berry & Sims PLC (healthcare regulatory counsel, led by Michael Hess, Dawn Perez-Slavinski, Jeanne Marie Evans), Davis Polk & Wardwell (legal), UBS, Goldman Sachs, J.P. Morgan, Citi, Wells Fargo (financial).[3][4][5] WBA advisors: Centerview Partners, Morgan Stanley (financial), Kirkland & Ellis, Ropes & Gray (legal).[4]
Talks surfaced in December 2024 amid WBA's challenges (overexpansion, high debt, stock at $8.85); definitive agreement signed March 6, 2025, after 35-day go-shop period ending April 10; closed August 28, 2025 (Q3, ahead of Q4 estimate), following shareholder/regulatory approvals and a $10B merger settlement.[1][2][3][6] WBA Board unanimously approved (Pessina/Lederer recused); no financing condition.[2]
Newsworthy on January 29, 2026: Bass Berry & Sims named 2025 Law360 Healthcare Group of the Year for advising Sycamore, spotlighting their multidisciplinary healthcare regulatory work on pharmacy/primary care amid the deal's restructuring of major U.S./UK pharmacy assets.[7][3]