Core Viewpoint - Walgreens Boots Alliance (WBA) has completed its acquisition by Sycamore Partners, marking a significant change in ownership for the world's largest "pharmacy + beauty" company, which will be split into five independent private companies for operation [1][2][4]. Group 1: Acquisition Details - The acquisition deal was finalized at a price of approximately 170 billion yuan, with Sycamore agreeing to pay $11.45 per share in cash for WBA [2][4]. - Following the acquisition, WBA's common stock will cease trading and will no longer be listed on NASDAQ [4]. - In addition to the cash payment, WBA shareholders will receive a non-transferable right to receive up to $3 per share from the future net proceeds of WBA's VillageMD business [4]. Group 2: Company Structure Post-Acquisition - WBA will be divided into five independent companies: Walgreens, Boots Group, Shields Health Solutions, CareCentrix, and VillageMD [4][12]. - Mike Motz has been appointed as the CEO of Walgreens, bringing extensive retail experience to the role [5]. Group 3: Financial Performance - For the third quarter of fiscal year 2025, WBA reported sales of $38.986 billion, a year-over-year increase of 7.2%, but also a net loss of $1.75 billion [8][10]. - Over the first nine months of fiscal year 2025, WBA's sales reached $117.034 billion, with a net loss of $3.293 billion, a 40.52% reduction compared to the same period in the previous year [10]. Group 4: Historical Context and Market Position - WBA was formed in 2014 through the merger of Walgreens and Alliance Boots, and has faced significant challenges, including a 60% drop in stock price in 2024 [11]. - The company has accumulated losses exceeding $11.9 billion over the past 21 months, indicating ongoing financial difficulties [10]. Group 5: Boots' Market Strategy - Boots, as part of the independent structure, will continue to operate under the leadership of CEO Ornella Barra and focus on expanding its presence in the UK and international markets [14][15]. - Boots has seen a sales increase of 7.8% in its international department, indicating a positive growth trajectory [15].

Core Viewpoint - The acquisition of Walgreens Boots Alliance (WBA) by Sycamore Partners has been completed, marking a significant change in ownership for the world's largest "pharmacy + beauty" company. Following the acquisition, WBA will be split into five independent private companies for operation [1][3]. Transaction Details - The acquisition price is approximately 170 billion yuan (about 23.7 billion USD), with Sycamore agreeing to purchase WBA at a cash price of 11.45 USD per share [1][3]. - WBA shareholders will also receive an additional cash payment of up to 3 USD per share from the future net proceeds of WBA's VillageMD business [3]. - The transaction was finalized on August 28, 2023, after being announced in March 2023 and approved by shareholders in July 2023 [1][3]. Company Structure Post-Acquisition - After the acquisition, WBA will be divided into five independent companies: Walgreens, Boots Group, Shields Health Solutions, CareCentrix, and VillageMD [3][4]. - Mike Motz has been appointed as the CEO of Walgreens, effective immediately, bringing extensive retail experience to the role [4]. Financial Performance - For the third quarter of fiscal year 2025, WBA reported sales of approximately 38.99 billion USD, a year-on-year increase of 7.2%, but also a net loss of 1.75 billion USD [6][8]. - In the first nine months of fiscal year 2025, WBA's sales reached approximately 117.03 billion USD, with a net loss of 3.29 billion USD, a 40.52% reduction compared to the same period in the previous year [8]. Market Context - WBA's stock price fell over 60% in 2024, with a market capitalization of approximately 10.37 billion USD, significantly down from over 100 billion USD in 2015 [9]. - The company has faced challenges, including plans to close around 1,200 stores over three years, with 500 closures planned for fiscal year 2025 [6][8]. Boots Group Performance - Boots, as part of WBA, reported a sales increase of 7.8% in the international segment, with the UK retail division growing by 5% [12][14]. - Boots has been operating in the Chinese market since 2018 but currently has limited product offerings compared to competitors [15]. Future Outlook - With the completion of the acquisition, Boots is expected to operate as an independent company, potentially leading to changes in its strategy and investment in the Chinese market [15].