Walgreens Will Go Private in $10 Billion Deal With Sycamore (3)

Walgreens Boots Alliance Inc. agreed to be purchased by Sycamore Partners for $10 billion, turning one of the oldest, most recognizable US drugstore chains into a private company.

Sycamore will pay $11.45 a share in cash for Walgreens, according to a statement Thursday. The offer represents a roughly 8% premium to Walgreens’ Thursday closing price in New York. The shares gained as much as 8.2% when US markets opened Friday.

The purchase price is a stunning decline from Walgreens’ value a decade ago, when it soared above $90 billion. The stock has fallen steadily over the past 10 years ...