Latest news with #SycamorePartners
Bloomberg
4 days ago
- Business
- Bloomberg
Banks Complete Upsized $4.5 Billion Boots Buyout-Debt Sale
Banks sold a larger-than-planned $4.5 billion of debt backing Sycamore Partners ' acquisition of the Boots pharmacy chain, selling $250 million more than intended to a market hungry for new deals. The Boots Group is issuing $3.25 billion -equivalent of leveraged loans across dollars, euros and sterling and a further $1.25 billion -equivalent of high-yield bonds in euros and sterling. The additional $250 million will go toward reducing a preferred equity contribution to the deal, according to people familiar with the situation.
Bloomberg
5 days ago
- Business
- Bloomberg
Boots Increases Dollar Loan Offering, Further Trims Bond Size
Banks selling the term loans backing Sycamore Partners ' acquisition of Boots have increased the minimum size of the dollar-denominated portion, while cutting the overall size of its bond issuance for the second time. The pharmacy chain upsized its dollar-denominated term loan B on Thursday to $1 billion from $750 million. It also trimmed its secured notes by $250 million-equivalent. As a result, the Boots Group 's total term loan B package now stands at $3 billion-equivalent, up from $2.75 billion.
Forbes
14-07-2025
- Business
- Forbes
Walgreens Takes Major Step Toward Becoming Private Company Again
Walgreens is set to go private after shareholder approval of its takeover. (Photo by Spencer ...) Walgreens 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 Special Meeting by all shareholders were voted in favor of the merger agreement proposal. In addition, approximately 95% of the votes cast at the Special Meeting by unaffiliated shareholders were voted in favor of the merger agreement proposal. 'We appreciate the consideration and overwhelming support from our shareholders in our value-maximizing transaction with Sycamore,' said Tim Wentworth, Chief Executive Officer of Walgreens Boots Alliance in a statement. 'With Sycamore's partnership, we will be better positioned to accelerate our turnaround strategy, further enhance the customer, patient and team member experience and become the first choice for pharmacy, retail and health services. We look forward to closing the transaction and entering this next chapter.' In March, Walgreens agreed to be acquired by private equity firm Sycamore Partners in a deal valued at around $10 billion. WBA expects to close the transaction in the third or fourth quarter of calendar year 2025, subject to regulatory approvals, at which time Walgreen's common stock will no longer be listed on the Nasdaq Stock Market and it will become a private company As had been previously announced on March 6, under the terms of the Merger Agreement, WBA shareholders will receive $11.45 per share in cash at closing – approximately 8% above it value at the original time of the offer – 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. Including debt and potential payouts, the total value of the deal would rise to $23.7 billion. Walgreens' share price is currently around $11.50. Walgreens Beats Forecasts Walgreens reported a net loss of $175 million, or 20 cents a share, in the company's fiscal third quarter ended May 31 compared to net income of $344 million, or 40 cents a share, in the year-ago period. Total sales rose 7% to $39 billion in its third quarter. However, this was a head of market expectations as the company continues a turnaround that most analysts anticipate the takeover should accelerate. Walgreens also includes the U.K. pharmacy chain market leader Boots. Photographer: Simon ... More Dawson/Bloomberg Walgreens Boots Alliance has approximately 12,500 pharmacy locations across the U.S., Europe and Latin America and employs approximately 312,000 people, with a presence in eight countries and consumer brands including: Walgreens, U.K. market leader Boots, Duane Reade, No7 Beauty Company and Benavides. Recently, Walgreens also agreed to pay up to $350 million in a settlement with the U.S. Department of Justice, which had lodged a claim over the issuing of millions of prescriptions during the past decade for opioids and other controlled substances. When the deal was first announced Wentworth said: 'While we are making progress against our ambitious turnaround strategy, meaningful value creation will take time, focus and change that is better managed as a private company. 'Sycamore will provide us with the expertise and experience of a partner with a strong track record of successful retail turnarounds. The WBA board considered all these factors in evaluating this transaction, and we believe this agreement provides shareholders premium cash value, with the ability to benefit from additional value creation going forward from monetization of the VillageMD businesses,' the Walgreens boss added.
Yahoo
14-07-2025
- Business
- Yahoo
Walgreens acquisition by Sycamore wins shareholder agreement
US pharmacy Walgreens Boots Alliance (WBA) shareholders have given approval to the company's acquisition by Sycamore Partners Management affiliated entities. The preliminary results revealed that 96% of the votes cast by all shareholders endorsed the merger agreement proposal. A similar sentiment was echoed by unaffiliated shareholders, with 95% supporting the proposal. WBA CEO Tim Wentworth stated: 'We appreciate the consideration and overwhelming support from our shareholders in our value-maximising transaction with Sycamore. 'With Sycamore's partnership, we will be better positioned to accelerate our turnaround strategy, further enhance the customer, patient and team member experience and become the first choice for pharmacy, retail and health services. We look forward to closing the transaction and entering this next chapter.' As disclosed on 6 March 2025, WBA shareholders are set to receive $11.45 per share in cash upon the deal's closure. They will also acquire a divested asset proceeds right, which could yield up to an additional $3 per share in cash contingent on the future monetisation of WBA's interests in VillageMD, including Village Medical, Summit Health and CityMD. The transaction will be finalised in the latter half of 2025, with its completion based on standard closing conditions and necessary regulatory consents. Centerview Partners has been appointed as the financial advisor, Kirkland & Ellis as the legal advisor, and Ropes & Gray as the healthcare regulatory counsel for WBA. Morgan Stanley & Co also served as a financial advisor and delivered a fairness opinion to the WBA board of directors. WBA operates 12,500 retail locations across the US, Europe and Latin America, and employs 312,000 people in eight countries. In June 2025, WBA saw a 7.2% increase in sales to $39bn in the third quarter of fiscal 2025, up 6.9% on a constant currency basis, driven by growth in the US retail pharmacy and international segments. "Walgreens acquisition by Sycamore wins shareholder agreement" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-07-2025
- Business
- Yahoo
$10 Billion Exit: Walgreens Just Got Bought Out
Walgreens (NASDAQ:WBA) shareholders just signed off on a $10 billion buyout by Sycamore Partnersa move that will take the 123-year-old pharmacy giant private for the first time since 1927. Under the deal, shareholders will receive $11.45 per share, plus a potential kicker of up to $3 tied to future proceeds from Walgreens' VillageMD stake. The stock barely budged on the news, trading around $11.50right where it's hovered since the deal was announced back in March. Warning! GuruFocus has detected 6 Warning Signs with WBA. This comes as the entire retail pharmacy sector is under serious pressure. Reimbursement cuts, rising costs, and a consumer shift away from traditional pharmacies have forced companies like Walgreens, CVS, and Rite Aid to radically rethink their footprints. Walgreens alone plans to shutter over 1,000 stores through 2027, after already closing about 1,000 since 2018. Rite Aid, meanwhile, just filed for bankruptcyagain. It's the second time in two years. Now, with Wall Street off its back, Walgreens could have more room to execute a painfulbut possibly necessaryturnaround. CEO Tim Wentworth says Sycamore's backing might help the company move faster on restructuring. Two years ago, shares were trading above $30. Today, investors are walking away with just over a third of thatunless the VillageMD kicker pans out. Whether this move proves to be a reset or just a retreat remains to be seen. This article first appeared on GuruFocus. Sign in to access your portfolio
