Walgreens Boots Alliance, Inc. (NASDAQ: WBA) has announced that its shareholders have approved the acquisition of the company by entities affiliated with Sycamore Partners Management, L.P. The preliminary results indicate that approximately 96% of all shareholders and 95% of unaffiliated shareholders voted in favor of the merger agreement proposal.
Under the terms of the merger agreement, WBA shareholders will receive $11.45 per share in cash at closing, and one non-transferable divested asset proceeds right to receive up to an additional $3.00 in cash per share from the future monetization of WBA’s debt and equity interests in VillageMD, which includes the Village Medical, Summit Health, and CityMD businesses.
WBA expects to close the transaction in the third or fourth quarter of calendar year 2025, subject to customary closing conditions and regulatory approvals.
In fiscal 2024, WBA scored 100% on the Disability Equality Index for disability inclusion, and the company employs approximately 312,000 people with a presence in eight countries and consumer brands including Walgreens, Boots, Duane Reade, No7 Beauty Company, and Benavides.
Financial advisors for WBA include Centerview Partners, Morgan Stanley & Co. LLC, Kirkland & Ellis LLP, and Ropes & Gray LLP.
WBA is a trusted, global innovator in retail pharmacy with approximately 12,500 locations across the U.S., Europe, and Latin America. The company plays a critical role in the healthcare ecosystem by dispensing medicines, improving access to pharmacy and health services, and providing high-quality health and beauty products.
The final voting results of the special meeting will be reported in a Form 8-K filed by WBA with the U.S. Securities and Exchange Commission. The market has reacted to these announcements by moving the company's shares -0.35% to a price of $11.52. For more information, read the company's full 8-K submission here.
