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WALGREENS’ CEO is eyeing a huge turnaround for the company that involves a massive $10 billion deal.
The pharmacy chain has recently been thrown into turmoil as it announced plans to shut 500 stores this year.
The US Sun previously reported on Walgreens’ plans to close 450 locations as it faces financial difficulties.
But Walgreens has been in months-long talks to save itself, worth $10 billion.
The deal was scheduled to be completed with private equity firm Sycamore on Thursday, and now the CEO of Walgreens, Tim Wentworth, has confirmed it, per CNBC.
He said: “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.
“Sycamore will provide us with the expertise and experience of a partner with a strong track record of successful retail turnarounds.”
The managing director of Sycamore, Stefan Kaluzny, added that the firm has confidence in Walgreens’ “pharmacy-led model and essential role in driving better outcomes for patients, customers and communities.”
Walgreens said the total value of the transaction would be up to $23.7 billion when including debt and possible payouts in the future.
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