Walgreens reportedly in talks to sell to private equity firm Sycamore Partners

Walgreens Boots Alliance is reportedly in talks to sell itself to private equity firm Sycamore Partners, per a Reuters report, which noted that the Wall Street Journal first reported the news. 

Walgreens has been working with its advisers over the past few weeks and had also reached out to other potential buyers but is currently in talks with only Sycamore, per the report, which cited a source familiar with the matter.

A potential deal could be signed by early next year, the source said.

A Walgreens spokesperson told Drug Store News that the company "doesn't comment on rumors or speculation."

A Sycamore Partners spokesperson told DSN that the company has no comment.

This would be Sycamore's biggest deal as Walgreens has a nearly $8 billion valuation. Walgreens also had long-term debt of $8.04 billion, as of Aug. 31, the report noted.

[Read more: Walgreens to close 1,200 stores over next three years]

Walgreens had previously attempted to go private in 2019 when it was valued at more than $55 billion but was unsuccessful. Private equity group KKR had also approached the drugstore chain with a buyout proposal at the time, according to media reports.

In September last year CEO Rosalind Brewer abruptly stepped down. Tim Wentworth assumed the role of CEO and has since announced the removal of multiple mid-level executives, a $1 billion cost-cutting plan and closure of 1,200 stores over the next three years, the report noted.