Walgreens Boots Alliance announced that it has entered into a definitive agreement to be acquired by an entity affiliated with Sycamore Partners, a private equity firm specializing in retail, consumer, and distribution-related investments. The total value of the transaction represents up to $23.7 billion and will turn one of the oldest US drugstore chains into a private company.WHO: Walgreens Boots Alliance is an integrated healthcare, pharmacy, and retail leader serving millions of customers and patients every day, with a 175-year heritage of caring for communities. The global retail pharmacy has approximately 12,500 locations across the US, Europe, and Latin America and employs approximately 311,000 people. It has a presence in eight countries and comprises consumer brands including: Walgreens, Boots, Duane Reade, No7 Beauty Company, and Benavides.Sycamore Partners is a private equity firm based in New York. The firm specializes in consumer, distribution, and retail-related investments and partners with management teams to improve the operating profitability and strategic value of their business. The firm has raised approximately $10 billion in aggregate committed capital since its inception in 2011.WHY: Walgreens Boots has been struggling to regain its footing post-pandemic and closing stores. Last year, Walgreens Boots said it planned to shutter about 1,200 stores over the next three years, including about 500 in fiscal 2025. Shares in Walgreens are down more than 49% over the last year, according to Fast Company.