Shares of Walgreens climbed 20% Tuesday after reports emerged that the company is in talks to sell itself to private equity firm Sycamore Partners. The Wall Street Journal reported that Sycamore Partners is in talks to acquire Walgreens, with plans to divest parts of the business or collaborate with partners. The deal could be finalized early next year. Walgreens recently announced plans to close 1,200 stores by 2026 amid challenges such as declining reimbursement rates and increased competition. CEO Tim Wentworth has implemented cost-cutting measures and scaled back the company’s stake in VillageMD.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Shares of Walgreens climbed 20% Tuesday after reports emerged that the company is in talks
00:07to sell itself to private equity firm Sycamore Partners. The Wall Street Journal reported that
00:12Sycamore Partners is in talks to acquire Walgreens with plans to divest parts of the
00:17business or collaborate with partners. The deal could be finalized early next year.
00:21Walgreens recently announced plans to close 1,200 stores by 2026 amid challenges such as
00:27declining reimbursement rates and increased competition. CEO Tim Wentworth has implemented
00:32cost-cutting measures and scaled back the company's stake in Village MD.
00:35For all things money, visit Benzinga.com slash GSTV.