After announcing over 1,000 planned store closures and reporting weak earnings, the parent company of pharmacy chain Walgreens has agreed to be bought by a private equity firm.

Walgreens Boots Alliance announced Thursday it reached an agreement with Sycamore Partners to sell for $11.45 per share, equating to roughly $10B.

The company said the total transaction value could reach up to $23.7B, which The New York Times reported includes debt and potential payouts. The deal is expected to close in the fourth quarter of this year.

Walgreens would continue to operate under its brand and maintain its headquarters in the Chicago area.

Walgreens Boots Alliance also owns the Duane Reed chain in New York and the Boots brand in the U.K. The company has over 8,000 stores nationwide and more than 12,000 stores across the U.S., Europe and Latin America.

"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," Walgreens Boots Alliance CEO Tim Wentworth said in a release. "Sycamore will provide us with the expertise and experience of a partner with a strong track record of successful retail turnarounds."

In October, the chain announced plans to close 1,200 stores over the next three years in a cost-saving measure.

Walgreens Boots Alliance reported an operating loss of $245M for the three months ending Nov. 30 after reporting a $978M operating loss the prior three months.

In December, The Wall Street Journal reported Walgreens was in talks to sell to Sycamore, sending its stock price up 18%.

This isn't the first time Walgreens was in talks to be bought out. In 2019, KKR offered up $70B to buy the chain in what would have been the biggest take-private deal in history, but it fell through.

Sycamore specializes in retail, consumer and distribution-related investments and has been at the forefront of several notable investments. The private equity firm acquired Playa Bowls in 2024. It also bought office supply giant Staples in 2017 for $7B. Other investments include Ann Taylor, Torrid, Hot Topic and Aéropostale.