Shareholders of Boots owner Walgreens have overwhelmingly agreed to be taken over by American private equity firm Sycamore Partners.

Some 96% of votes were cast in favour of the $10bn takeover of Walgreens Boots Alliance (WBA), a fraction of the $100bn valuation the chain had almost a decade ago.

WBA expects the deal to complete in the third or fourth quarter of the calendar year following regulatory approval, The Times reported.

However, the deal has thrown the future of British pharmacy chain Boots into doubt as Sycamore is expected to consider a sale or spin-off of the retailer.

Boots has faced mounting challenges in recent years, as consumers increasingly turn to online retailers and discounters for pharmacy and healthcare products.

WBA shuttered around 334 of the retailer’s locations during the year to the end of August 2024 as it sought to “consolidate” the business and reduce its cost base.

A potential sale of the retailer would mark the third time that the US owner has sought to offload the health and beauty chain. It shelved plans for a multibillion-pound deal last June after it cut its profit outlook and announced plans to close up to 700 US stores.

The group first attempted to sell Boots back in 2022 for an estimated £7bn but abandoned the plan, deciding that offers from firms including Apollo Global Management undervalued the retailer.

Last week, Boots rival SpaceNK announced it had been acquired by US listed giant Ulta Beauty. The retailer will operate as a standalone subsidiary and be led by its existing management team, including its chief executive officer Andy Lightfoot.

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