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Valuation and strategic alternatives for walgreens boots alliance: a management perspective on the sycamore partners take-private proposal , standalone discounted cash flow valuation of walgreens boots alliance with scenario analysis and implied equity value range
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This thesis examines the proposed take-private of Walgreens Boots Alliance by Sycamore Partners from the perspective of management as of 28 February 2025. Combining DCF, APV and LBO frameworks, it evaluates the transaction relative to continued public ownership. The
results show that, under the assumptions adopted, intrinsic valuations exceed the guaranteed consideration and that leverage reduces equity value compared to the stand-alone path. Nevertheless, the transaction remains feasible for the sponsor. The analysis demonstrates that the acceptance of the offer is best explained by ownership concentration, equity rollover by the controlling shareholder, and the strategic flexibility enabled by private ownership.
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Private equity Take-private Leveraged buyout (LBO) Corporate restructuring Valuation Adjusted present value (APV)