Walgreens Boots Alliance
A former multinational pharmacy and health-and-wellness holding company created by the combination of Walgreens and Alliance Boots.
Last updated August 26, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Walgreens Boots Alliance was a multinational pharmacy-led health and wellness company created when Walgreens completed its purchase of the remaining stake in Alliance Boots in December 2014. The transaction brought together Walgreens, the major United States drugstore chain, and Alliance Boots, the United Kingdom-based pharmacy, beauty, and pharmaceutical-wholesale group. The resulting company operated through two principal retail platforms: Walgreens and Duane Reade in the United States, and Boots in the United Kingdom and selected international markets. It also owned or controlled pharmacy businesses in Mexico and Chile and, for a period, maintained a substantial pharmaceutical-wholesale operation under the Alliance Healthcare name. The company’s retail offer combined prescription dispensing with over-the-counter medicines, health products, beauty and personal-care merchandise, photo services, optical services, vaccinations, and other clinical or convenience services. Its consumer brands included Walgreens private-label products, Boots own-brand ranges, No. 7, Soltan, Botanics, Boots Pharmaceuticals, Boots Laboratories, Almus generic medicines, and Liz Earle Naturally Active. The company attempted to use Walgreens’ United States store network and Alliance Boots’ European and international presence to expand private-label products and pharmacy-led services across markets. Walgreens Boots Alliance was publicly traded on Nasdaq under the symbol WBA and was included in major United States equity indexes. It joined the Dow Jones Industrial Average in 2018, replacing General Electric, and left the index in February 2024. The business faced increasing pressure from weak retail pharmacy economics, reimbursement changes, competition, store-level profitability problems, and difficulties integrating or scaling healthcare ventures. In 2021, most of its pharmaceutical-wholesale business was sold to AmerisourceBergen. In 2024, management announced a plan to close more than 2,000 United States stores by 2027 after reporting that only about three quarters of its United States locations were profitable. In March 2025, Walgreens Boots Alliance announced an agreement to be acquired by Sycamore Partners in a transaction valued at approximately $10 billion. The acquisition was completed in August 2025. Following completion, the former holding company was divided into five businesses: Walgreens, The Boots Group, VillageMD, CareCentrix, and Shields Health Solutions. Accordingly, Walgreens Boots Alliance is best treated as a defunct former corporate group rather than an active listed company, while Walgreens and Boots continue as successor operating businesses.
History
Walgreens Boots Alliance originated in the strategic combination of Walgreens and Alliance Boots. Walgreens, historically a United States drugstore operator, bought 45 percent of Alliance Boots in August 2012 for a combination of cash and Walgreens shares. The agreement included an option to acquire the rest of the company within three years. Walgreens exercised that option in 2014, purchasing the remaining 55 percent and completing the combination on December 31, 2014. The newly formed Walgreens Boots Alliance became the holding company, while Walgreens became one of its principal operating businesses. Alliance Boots contributed the Boots pharmacy and beauty chain, whose history in the United Kingdom extended for more than 170 years, as well as international pharmacy operations and a pharmaceutical-wholesale platform. Boots stores were concentrated in British high streets, city centers, and local communities, generally combining prescription services with over-the-counter medicines, cosmetics, personal care, health products, and, in larger locations, optical, photo, and other services. Outside the United Kingdom, Boots maintained stores or franchise activities in selected countries and territories. The combined group also operated Benavides in Mexico and Farmacias Ahumada in Chile. The company pursued international brand development as a major rationale for the merger. Walgreens stores introduced selected Boots beauty brands, including No. 7, while Boots and the wider group marketed own-label health and beauty products. Alliance Healthcare, the wholesale arm inherited from Alliance Boots, supplied pharmacies, physicians, hospitals, and other healthcare providers from distribution centers across multiple countries. In 2021, most of that wholesale operation was sold to AmerisourceBergen, reducing the group’s exposure to pharmaceutical distribution and sharpening its focus on pharmacy retail and healthcare services. Walgreens Boots Alliance also expanded beyond traditional stores. Its portfolio and investments included VillageMD primary-care clinics, CareCentrix home-health services, and Shields Health Solutions, a specialty-pharmacy services business. These initiatives sought to connect dispensing, clinical care, and health-management services, but they increased the company’s operational complexity while the core United States retail pharmacy business faced reimbursement pressure, labor costs, competition, and changing consumer behavior. The company’s public-market position weakened during the 2020s. Although it remained one of the largest United States corporations by revenue, management began closing underperforming locations and reducing or reconsidering parts of its healthcare strategy. In June 2024, Walgreens disclosed that approximately three quarters of its United States stores were profitable and announced plans to close more than 2,000 locations by 2027. The company’s share price also fell sharply during 2024. Walgreens Boots Alliance was removed from the Dow Jones Industrial Average in February 2024, after having joined the index in 2018. In March 2025, Walgreens Boots Alliance agreed to be acquired by Sycamore Partners for approximately $10 billion. The transaction was completed in August 2025. Sycamore subsequently separated the group into five companies or operating businesses: Walgreens, The Boots Group, VillageMD, CareCentrix, and Shields Health Solutions. This restructuring ended Walgreens Boots Alliance’s existence as a listed holding company and left its principal consumer-facing brands in successor entities.
- 2025
Privatization and breakup
[1]Sycamore Partners completed its acquisition, after which the former group was divided into five successor businesses.
- 2024
Dow Jones removal and store-closure plan
[1]The company left the Dow Jones Industrial Average and announced a plan to close more than 2,000 United States stores by 2027.
- 2021
Wholesale division divestiture
[1]Most of Alliance Healthcare’s wholesale business was sold to AmerisourceBergen.
- 2018
Rite Aid store acquisition completed
[1]Walgreens completed the purchase of 1,932 Rite Aid stores after regulators rejected the larger proposed combination.
- 2018
Added to the Dow Jones Industrial Average
[1]Walgreens Boots Alliance replaced General Electric in the Dow Jones Industrial Average.
- 2015
Liz Earle acquisition
[1]The group acquired the United Kingdom skincare brand Liz Earle Naturally Active from Avon Products for reported consideration of £140 million.
- 2014
Walgreens Boots Alliance is formed
[1]Walgreens completed its purchase of the remaining Alliance Boots stake, creating the new holding company on December 31.
- 2012
Initial Alliance Boots investment
[1]Walgreens acquired a 45 percent stake in Alliance Boots and obtained an option to buy the remaining interest.
Products and positioning
Pharmacy-led health, wellness, beauty, and convenience retail with strong national or regional store networks.
Pharmacy retail
Walgreens
The principal United States pharmacy and retail banner of the group. Walgreens stores combined prescription dispensing with non-prescription medicines, personal care, beauty, household goods, photo services, and health and wellness offerings. The banner operated across all 50 states, the District of Columbia, Puerto Rico, and the United States Virgin Islands.
Pharmacy, beauty, and health retail
Boots
The United Kingdom-centered pharmacy and health-and-beauty chain inherited from Alliance Boots. Stores typically offered dispensing services, over-the-counter medicines, cosmetics, personal care, optical services in selected locations, and photo or convenience services. Boots also operated selected international stores and franchise businesses.
Beauty and skincare · 1935
No. 7
A Boots beauty brand launched in 1935 and known particularly for skincare and anti-aging serums. The line was expanded into Walgreens stores in the United States beginning in 2012 as part of the group’s effort to internationalize Boots-owned brands.
Suncare · 1939
Soltan
Boots’ sun-protection range, associated with a five-star UVA protection standard developed by Boots and used as a benchmark in the United Kingdom market.
Botanical skincare and beauty · 1995
Botanics
A plant-based beauty range developed with the Royal Botanic Gardens, Kew. The portfolio includes skincare and related products using botanical extracts and has included organic offerings. It has also been distributed through third-party retailers.
Generic medicines · 2003
Almus Pharmaceuticals
A generic-prescription-medicine brand launched by Boots. Almus emphasized packaging and product identification intended to reduce dispensing and patient dosage errors, and was sold in multiple countries.
Skincare and beauty
Liz Earle Naturally Active
A United Kingdom skincare and beauty brand acquired by Walgreens Boots Alliance in 2015. Its products were positioned around naturally derived ingredients and active skincare formulations.
Private-label health and wellness
Well at Walgreens
Walgreens’ own-label range spanning health, personal-care, and related consumer products sold through its United States retail network.
Controversies
2015
Questions over Soltan sun-protection ratings
Consumer investigations reported that testing of selected Soltan products produced lower sun-protection results than the ratings printed on packaging. The issue concerned product-rating accuracy rather than a finding that the entire brand was unsafe.
Brand decisions
2025
Accept Sycamore Partners take-private transactionM&ABackground
The listed holding company faced sustained pressure in its core retail pharmacy business and agreed to a private-equity acquisition.
Action taken
Walgreens Boots Alliance agreed to be acquired by Sycamore Partners for approximately $10 billion; completion was followed by separation into five successor businesses.
Aftermath
The transaction ended Walgreens Boots Alliance’s public listing and corporate existence as a consolidated holding company.
Take-private transaction value. Approximately $10 billion (2025)
2024
Close underperforming United States storesStrategyBackground
Walgreens reported that approximately 75 percent of its roughly 8,600 United States locations were profitable amid pressure on retail pharmacy economics.
Action taken
The company announced plans to close more than 2,000 stores by 2027.
Aftermath
The announcement reflected a retrenchment of the United States store footprint and coincided with a sharp decline in the company’s share price during 2024.
2021
Sell most of Alliance Healthcare wholesaleStrategyBackground
The company reviewed its portfolio and sought to concentrate more heavily on pharmacy retail and healthcare services.
Action taken
Most of the Alliance Healthcare wholesale division was sold to AmerisourceBergen.
Aftermath
Walgreens Boots Alliance reduced its pharmaceutical-distribution activities while retaining its retail and healthcare businesses.
Cash sale consideration. $6.28 billion (2021)
2017
Restructure the proposed Rite Aid transactionM&ABackground
The original proposed acquisition of Rite Aid raised antitrust concerns and was not completed in its original form.
Action taken
Walgreens and Rite Aid replaced the larger transaction with an agreement covering a smaller group of stores.
Aftermath
Regulators approved the revised transaction, and Walgreens acquired 1,932 Rite Aid locations in January 2018.
2014
Acquire the remaining Alliance Boots stakeM&ABackground
Walgreens already owned 45 percent of Alliance Boots and held an option to acquire the balance.
Action taken
Walgreens purchased the remaining 55 percent and established Walgreens Boots Alliance as the new holding company.
Aftermath
The transaction created a multinational pharmacy, beauty, and pharmaceutical-wholesale group.
Acquisition consideration. $4.9 billion in cash plus 144.3 million Walgreens Boots Alliance common shares with reported fair value of $10.7 billion (2014)
Recent events
Walgreens Boots Alliance raises fiscal 2021 earnings guidance[3]
Reported:
Walgreens Boots Alliance increased its fiscal 2021 guidance to mid-to-high single-digit growth in constant-currency adjusted EPS from total and continuing operations, compared with previous guidance of low-single-digit growth.
Walgreens Boots Alliance reports second-quarter results[3]
Reported:
Walgreens Boots Alliance reported second-quarter sales of $32.8 billion, up 4.6% year on year, and said its results were better than expected.
Walgreens Boots Alliance reports third-quarter fiscal 2020 loss[4]
Reported:
Walgreens Boots Alliance reported its third-quarter fiscal 2020 results, recording a post-tax loss. The report attributed the loss in part to COVID-19-related lower customer traffic and increased personnel and cleaning costs.
Walgreens Boots Alliance and TCS expanded their strategic partnership[5]
Reported:
Walgreens Boots Alliance and Tata Consultancy Services announced an expansion of their strategic partnership, launching a new operating model for WBA's global IT Run and Operational services. Following a transition period, TCS will provide managed services including application maintenance and support, infrastructure, and security operations.
Walgreens Boots Alliance sponsors the 2019 Global Retail Challenge[6]
Reported:
Walgreens Boots Alliance sponsored the 2019 Global Retail Challenge, and its CSR team coached participant teams.
Sources8 sources
- 1Walgreens Boots Allianceen.wikipedia.org
- 2Walgreens Boots Alliance official websitewalgreensbootsalliance.com
- 3Walgreens Boots Alliance上调2021财年盈利指引thegrocer.co.uk
- 4Walgreens Boots Alliance 公布 2020 财年第三季亏损news.cnyes.com
- 5Walgreens Boots Alliance与TCS扩大其战略合作伙伴关系equitybulls.com
- 6沃尔格林联合博姿赞助2019年全球零售挑战赛3blmedia.com
- 7TCS signs $1.5 bn contract with Walgreens as it expands partnership with pharma giantthenewsminute.com
- 8Walgreens Boots Alliance Raises Earnings Guidancefinanznachrichten.de
Cite this profile: Cite the canonical profile. /brand-wiki/walgreens-boots-alliance · Editorial policy · How profiles are compiled