The deal will see Sycamore Partners pay Walgreens shareholders $11.45 per share as it takes the company private and attempts a turnaround. Shares in Walgreens Boots Alliance, Inc. (Nasdaq: WBA) are up a modest amount after the company announced yesterday that it has agreed to be purchased by private equity firm Sycamore Partners.

Sycamore Partners, a private equity firm, will buy Walgreens Boots Alliance at $11.45 per share as Walgreens will go private for the first time in decades.

The struggling drugstore chain operator said the deal is for $11.45 a share in cash, a 29% premium to its closing price on Dec. 9, before the first media reports of a potential tr