Walgreens is set to go private after shareholder approval of its takeover. (Photo by Spencer ... More Platt/Getty Images)Getty ImagesWalgreens Boots Alliance Inc. has taken a major step forward in its bid to go private after it announced that at the Company’s Special Meeting of Shareholders, WBA shareholders had approved the previously announced acquisition of the company by entities affiliated with Sycamore Partners Management.According to the preliminary results, approximately 96% of votes cast at the Spe ...

Core Insights - Walgreens Boots Alliance reported a quarterly loss that was better than expected, with rising pharmacy sales indicating potential for financial recovery under new private equity ownership [2] - The acquisition by Sycamore Partners, valued at $10 billion, is anticipated to lead to significant cost-cutting measures [3] - Shareholder approval for the acquisition is scheduled for a special meeting on July 11, with no serious opposition reported [4] Financial Performance - In the fiscal third quarter, Walgreens reported a net loss of $175 million, or 20 cents per share, compared to a net income of $344 million, or 40 cents per share, in the same period last year [5] - Total sales increased by 7% to $39 billion in the third quarter [5] - The U.S. Healthcare segment generated $2.1 billion in sales, with an operating loss of $64 million, significantly improved from a $220 million loss in the previous year [6] Cash Flow and Cost Management - Analysts noted Walgreens' ability to generate positive free cash flow in the quarter, a significant improvement given recent negative trends [7] - The company is on track to meet its goal of closing 1,200 underperforming stores by fiscal 2027, having already closed over 400 stores in the first nine months of the fiscal year [8] Strategic Outlook - The transition to private ownership is viewed positively, allowing Walgreens to focus on long-term reinvention without the pressures of public market expectations [10] - The company aims to close 500 stores in the current fiscal year as part of its cost-saving initiatives [8]