The Financial Times is reporting that Walgreens Boots Alliance would be split three ways if Sycamore Partners buys out the pharmacy chain.

Sycamore Partners is nearing an acquisition of Walgreens Boots Alliance Inc., people with knowledge of the matter said, in a deal that could end the drugstore operator’s tumultuous run as a public company.

Walgreens Boots Alliance Inc. is reportedly close to selling itself to a private equity firm in a $10 billion deal that would take the company private. The Wall Street Journal reported that Sycamore Partners would take Walgreens (Nasdaq: WBA) off the market in a deal that could be completed as early as Thursday if no major problems arise.

Walgreens Boots Alliance shares are jumping in premarket trading Tuesday, on a report that the troubled drugstore chain is nearing a deal with Sycamore Partners to be taken private for around $10 billion.

Bankers are working on funding packages of around $12 billion for Walgreens Boots Alliance Inc. to back a potential take-private deal by Sycamore Partners, in what would be one of the largest leverage buyout debt deals since the great financial crisis.

Since the start of 2025, WBA is up 17.8%, cutting into its now 46.6% year-over-year deficit. The stock's record high of $97.30 was nearly 10 years ago, and the shares have finished with annual losses for the past three years.

The companies are putting the final touches on a transaction that may be announced as soon as this week, sources said.

Walgreens Boots Alliance is closing in on a deal with private-equity firm Sycamore Partners that would take the struggling drugstore chain off the public market for around $10 billion, according to people familiar with the matter.