Ropes & Gray Represents Walgreens Boots Alliance as Health Care Regulatory Counsel in $23.7 Billion Acquisition by Sycamore Partners

Ropes & Gray advised Walgreens Boots Alliance (WBA) as health care regulatory counsel in a take-private acquisition of the leading retail pharmacy by Sycamore Partners valued at up to $23.7 billion. The transaction was announced on March 6 and is expected to close in the fourth quarter of 2025 following receipt of approvals from WBA shareholders and regulators.

WBA employs approximately 311,000 people, with a presence in eight countries and consumer brands including: Walgreens, Boots, Duane Reade, No7 Beauty Company and Benavides.

The Ropes & Gray team was led by health care partners Adrianne Ortega and Tim McCrystal and included partner Lincoln Tsang, head of the European life sciences practice, health care counsel Peter Holman Jr. and Elizabeth Whitkin and health care associate Richard Harris II.