Walgreen Co. Now Operating As Private Standalone Company Under Sycamore Partners

Walgreens Boots Alliance

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(RTTNews) - Independent retail pharmacy Walgreen Co. announced Thursday it is now operating as a private standalone company following the closure of the acquisition of Walgreens Boots Alliance, Inc. (WBA) by New York-based private equity firm Sycamore Partners.

Walgreens Boots Alliance agreed in early June to be taken private by Sycamore in a deal valuing the beleaguered drugstore chain at up to $23.7 billion, consisting of $11.45 per share in cash and additional potential value of Up To $3.00 in cash per WBA share from future monetization of the VillageMD businesses, which includes the Village Medical, Summit Health and CityMD businesses.

Following the closure, Walgreens Boots Alliance will continue to operate under Walgreens, Boots and its portfolio of consumer brands. Walgreens, The Boots Group, Shields Health Solutions, CareCentrix and VillageMD will now operate as separate standalone companies.

Sycamore is acquiring the business in partnership with Stefano Pessina and his family, who have reinvested 100 percent of their interests in Walgreens. Pessina is an Italian billionaire businessman who is the executive chairman and largest single shareholder of Walgreens Boots Alliance.

Mike Motz has been appointed as Chief Executive Officer of Walgreens, effective immediately. Motz was formerly CEO of Staples US Retail, a Sycamore portfolio company. Prior to that, he served as President of Shoppers Drug Mart, a pharmacy chain in Canada.

Motz replaces Tim Wentworth, who will continue to serve as an ongoing Director. John Lederer, a former director of Walgreens Boots Alliance, Inc. and a Senior Advisor to Sycamore, has been appointed Executive Chairman of Walgreens.

With the completion of the acquisition, WBA's common stock has ceased trading and will no longer be listed on the Nasdaq.