Walgreens Boots Alliance says it has agreed to be acquired by the private equity firm Sycamore Partners as the struggling retailer looks to turn itself around after years of losing money.

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 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.