Walgreens shares pop on report pharmacy chain could sell itself to PE firm Sycamore
People walk by a Walgreens on November 3, 2024 in Brookline, Massachusetts.
Danielle DeVries | CNBC
Shares of Walgreens jumped nearly 25% on Tuesday on a report that the company is in talks to sell itself to private-equity firm, Sycamore Partners.
Walgreens and Sycamore Partners have been discussing a deal that could be completed early next year if talks don’t fall apart, The Wall Street Journal reported, citing people familiar with the matter.
The report comes during a rough period for the retail pharmacy giant.
Walgreens – squeezed by the transition out of the Covid pandemic, a leadership shake-up, its wobbly push into health-care and recent labor pressure from pharmacy staff – has underperformed Wall Street’s adjusted earnings expectations for two straight quarters.
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