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Walgreens Stock Jumps on Report of Possible Sycamore Deal
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Key Points
- Walgreens shares jumped Tuesday after negotiations with private equity firm Sycamore Partners could return to the table.
- CNBC The deal was “alive” after being previously thought to be “mostly dead”, it reported Tuesday.
- Walgreens stopped its quarterly dividend late last month to focus on saving cash and improving its financial position.
Walgreens Boots Alliance(WBA) The stock price was sold to Private Equity Corporate partners may return to the table.
CNBC’s David Faber reportedly said on the internet Tuesday morning that the deal was “living” and was considered “mostly dead” a few weeks ago.
The negotiation between the pharmacy chain and Wushutong is Report first In DecemberWall Street Journal Say smoke may sell part of the company’s business. In October, Walgreens Announced a plan About 1,200 “underperforming” stores are to be closed, including 500 for fiscal 2025.
Walgreens suspends dividend in January
Late last month, retailers said it was temporary Suspend its quarterly dividend To save cash, as it wants to reverse its business and refinance some of it debt. Bloomberg It was also reported last month that Wu Wutong has been discussing debt financing with other companies to fund the deal.
Walgreens and Sycamore did not immediately respond to requests for comment.
Walgreens shares rose more than 12% in trading Tuesday afternoon, but lost about half of its value in the past 12 months.
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