(Reuters) -Walgreens Boots Alliance is being taken private by Sycamore Partners for $10 billion, bringing to a close the pharmacy chain operator’s nearly century-long association with the public markets.
The following is a timeline of key events in the history of the storied company, which was briefly part of the bluechip Dow Jones Industrial Average index but has seen its shares languish in recent years:
1901
Charles R. Walgreen Sr. purchases the Chicago drugstore where he worked as a pharmacist to start the Walgreens chain.
1909
The second Walgreens store opens.
1926
The 100th store opens in Chicago.
1927
Walgreens’ stock goes public.
1950
Walgreens begins to build self-service instead of clerk-service stores in the Midwest.
1975
Walgreens reaches $1 billion in sales.
1984
Walgreens opens its 1,000th store in Chicago.
1999
Walgreens launches an online pharmacy.
2009
Walgreens opens its first store in Alaska, marking its presence in all 50 states of the United States.
2014
Walgreens completes its merger with health and beauty retailer Alliance Boots to form Walgreens Boots Alliance.
2016
Walgreens enters partnerships with pharmacy benefit managers such as Express Scripts and OptumRx and insurer UnitedHealthcare.
2017
Walgreens scraps deal to acquire Rite Aid after failing to win antitrust approval, but buys nearly half of the smaller rival’s U.S. stores.
2018
Walgreens joins the Dow Jones Industrial Average, replacing industrial conglomerate General Electric.
Walgreens reports weak retail sales, has its biggest intraday percentage loss in more than two years, raising doubts about its Rite Aid move.
2019 Walgreens explores a deal to go private and holds preliminary discussions with some of the world’s largest private equity firms, according to media reports.
2022Walgreens begins strategic review of its U.K.-based Boots business.
Indian conglomerate Reliance Industries Ltd and U.S. buyout firm Apollo Global Management reportedly plan a joint bid for Boots. Subsequently, Walgreens scraps the plan to sell the business, saying no third party was able to make an adequate offer due to the turmoil in global financial markets.
2023 In October, Walgreens appoints Tim Wentworth as its CEO, pinning hopes on the healthcare industry veteran to boost the company’s lagging stock price and reverse a recent drop in profits.
The company also targets $1 billion in cost cutting measures for 2024 as part of its ongoing efforts, which include shutting unprofitable stores.
2024
Walgreens nearly halves its dividend payout in January to conserve cash amid low consumer spending and intense competition, wiping out more than $2 billion of its market capitalization.
In February, it loses its spot on the Dow to Amazon. Eight months later, Walgreens says it would shut 1,200 stores over the next three years.
WSJ and other media outlets including Reuters report in December that Walgreens is in talks to sell itself to private equity firm Sycamore Partners.
2025
Walgreens strikes a deal to be taken private by Sycamore for $10 billion in March.
(Reporting by Christy Santhosh and Sneha S K; Editing by Shailesh Kuber)
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