$11 Billion New York Private Equity Firm Sycamore Partners Plans $20 Billion Buyout of $9.2 Billion Retail Pharmacy Giant Walgreens Boots Alliance via $12 Billion Debt Financing, Private Credit & Lenders Include Goldman Sachs Asset Management, JP Morgan, HPS Investment Partners & Ares Management, Walgreens Founded in 1901 by Charles Rudolph Walgreen Buying Chicago Drugstore He Worked as Pharmacist, Boots Store Opened in UK in 1849 by John Boot to Sell Herbal Remedies, Walgreens & Alliance Boots Merged in 2014 to Form Walgreens Boots Alliance
6th March 2025 | Hong Kong
New York private equity firm Sycamore Partners ($11 billion AUM) is planning a $20 billion buyout of retail pharmacy giant Walgreens Boots Alliance ($9.2 billion market value) via $12 billion debt financing, with private credit & lenders including Goldman Sachs Asset Management, JP Morgan, HPS Investment Partners & Ares Management. Walgreens was founded in 1901 by Charles Rudolph Walgreen, buying a Chicago drugstore where he worked as a Pharmacist. The first Boots store was opened in UK in 1849 by John Boot to sell herbal remedies. In 2014, Walgreens & Alliance Boots merged to form Walgreens Boots Alliance. In 2024 September, United States retail pharmacy giant Walgreens (Walgreens Boots Alliance Inc. and Walgreen Co) have agreed to pay $106.8 million settlement for billing United States government for prescriptions never dispensed. In 2024 April, the former UBS Family Office Chairman & Vice-Chairman of Wealth Management Edoardo Spezzotti has retired as Monaco-based Ergeny family office CEO after 10 years. Ergeny is the family office of pharmaceutical giant Walgreens Italian billionaire Stefano Pessina, who is the largest single shareholder of Walgreens Boots Alliance (19/4/24: $15.7 billion market value). Stefano Pessina has an estimated personal fortune of around $7 billion.
“ $11 Billion New York Private Equity Firm Sycamore Partners Plans $20 Billion Buyout of $9.2 Billion Retail Pharmacy Giant Walgreens Boots Alliance via $12 Billion Debt Financing, Private Credit & Lenders Include Goldman Sachs Asset Management, JP Morgan, HPS Investment Partners & Ares Management, Walgreens Founded in 1901 by Charles Rudolph Walgreen Buying Chicago Drugstore He Worked as Pharmacist, Boots Store Opened in UK in 1849 by John Boot to Sell Herbal Remedies, Walgreens & Alliance Boots Merged in 2014 to Form Walgreens Boots Alliance “
$7.7 Billion Retail Pharmacy Giant Walgreens to Pay $106.8 Million Settlement for Billing United States Government for Prescriptions Never Dispensed
19th September 2024 – United States retail pharmacy giant Walgreens (Walgreens Boots Alliance Inc. and Walgreen Co) have agreed to pay $106.8 million settlement for billing United States government for prescriptions never dispensed. United States Department of Justice (13/9/24): “Walgreens Boots Alliance Inc. and Walgreen Co. (together, Walgreens) have agreed to pay $106.8 million to resolve alleged violations of the False Claims Act and state statutes for billing government health care programs for prescriptions never dispensed. Walgreens, headquartered in Deerfield, Illinois, operates one of the largest retail pharmacy chains in the country. The government alleges that, between 2009 and 2020, Walgreens submitted false claims for payment to Medicare, Medicaid and other federal health care programs for prescriptions that it processed but that were never picked up by beneficiaries. As a result, Walgreens received tens of millions of dollars for prescriptions that it never actually provided to health care beneficiaries. As part of the resolution, Walgreens received credit under the department’s guidelines for taking disclosure, cooperation and remediation into account in False Claims Act cases. Among other actions, Walgreens implemented enhancements to its electronic pharmacy management system to prevent this from occurring in the future and self-reported certain conduct. Because Walgreens previously refunded $66,314,790 pertaining to the settled claims, Walgreens will receive a credit for this amount. The federal share of the recovery is $91,881,530, and a total of $14,933,259 will be returned to individual states, which jointly fund state Medicaid programs, through separate settlement agreements with the Medicaid participating states. The federal government’s settlement with Walgreens resolves three cases pending in the District of New Mexico, Eastern District of Texas and Middle District of Florida under the qui tam, or whistleblower, provision of the False Claims Act, which permits private parties to file suit for false claims on behalf of the United States and to share in any recovery. Steven Turck, a former Walgreens pharmacy manager, filed the qui tam suit in the Eastern District of Texas related to billing Medicare, Medicaid and other federal health care programs, and will receive $14,918,675. Andrew Bustos, a former Walgreens district pharmacy supervisor, filed the qui tam suit in the District of New Mexico related to billing Medicare Part B and will receive $1,620,000.”
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