Walgreens Boots Alliance: Sycamore Partners' $23.7 Billion Buyout
Deal News | Mar 11, 2025 | EIN
Hengeler Mueller is advising Sycamore Partners, a New York-based private equity firm, on its $23.7 billion acquisition of Walgreens Boots Alliance (WBA), with a focus on WBA's German operations. The legal team from Hengeler Mueller, involving several partners, counsels, and associates, is addressing various aspects of the deal, including mergers and acquisitions, healthcare regulations, antitrust matters, intellectual property, IT, employment counsel, and foreign direct investment. While Davis, Polk & Wardwell serves as the global legal counsel, UBS, Goldman Sachs, JP Morgan, Citi, and Wells Fargo act as financial advisors to Sycamore Partners. On the WBA side, Centerview Partners and Morgan Stanley handle financial advisories, while Kirkland & Ellis and Ropes & Gray provide legal and healthcare regulatory counsel. The deal, approved by WBA's Board of Directors, is expected to close in Q4 2025. Upon closure, WBA aims to leverage Sycamore’s expertise in retail turnarounds and continue operating under its established brands while extracting more value from its VillageMD businesses.
Sectors
- Private Equity
- Pharmacy and Healthcare
- Legal Services
- Investment Banking
Geography
- United States – Sycamore Partners is headquartered in New York, and WBA's headquarters will remain in Chicago.
- Germany – Hengeler Mueller is advising Sycamore Partners on WBA's German operations.
- United Kingdom – Boots, a significant part of WBA, has historical ties to the UK.
Industry
- Private Equity – Sycamore Partners, a private equity firm, is leading the acquisition of WBA.
- Pharmacy and Healthcare – Walgreens Boots Alliance operates in healthcare, pharmacy, and retail sectors.
- Legal Services – Hengeler Mueller and other law firms are involved in providing legal services for the acquisition.
- Investment Banking – Investment banks like UBS and Morgan Stanley are advising on the financial aspects of the deal.
Financials
- USD 23.7 billion – The acquisition price for Walgreens Boots Alliance.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Walgreens Boots Alliance | Target | Company | A leader in the healthcare, pharmacy, and retail sectors. |
| Sycamore Partners | Bidding Company | Company | A private equity firm focused on leveraged buyouts and turnarounds. |
| Hengeler Mueller | Legal Advisor | Company | An international law firm advising on German legal aspects of the deal. |
| Davis, Polk & Wardwell | Legal Advisor | Company | Global legal advisor to Sycamore Partners. |
| UBS Investment Bank | Lead Financial Adviser | Company | Advising Sycamore Partners on the acquisition. |
| Goldman Sachs | Co-Lead Financial Adviser | Company | Co-lead financial adviser to Sycamore Partners. |
| JP Morgan | Co-Lead Financial Adviser | Company | Co-lead financial adviser to Sycamore Partners. |
| Citi | Financial Adviser | Company | Financial adviser to Sycamore Partners. |
| Wells Fargo | Financial Adviser | Company | Financial adviser to Sycamore Partners. |
| Bass Berry & Sims | Healthcare Regulatory Advisor | Company | Provides health care regulatory advice to Sycamore Partners. |
| Centerview Partners | Financial Advisor | Company | Advising Walgreens Boots Alliance on financial matters. |
| Kirkland & Ellis | Legal Adviser | Company | Provides legal advice to Walgreens Boots Alliance. |
| Ropes & Gray | Healthcare Regulatory Counsel | Company | Provides health care regulatory counsel to Walgreens Boots Alliance. |
| Morgan Stanley & Co | Financial Adviser | Company | Served as financial adviser to the WBA Board of Directors. |
| Tim Wentworth | CEO | Person | CEO of Walgreens Boots Alliance. |
| Stefan Kaluzny | Managing Partner | Person | Managing partner of Sycamore Partners. |