There are plenty of reasons to be skeptical that private equity will help Walgreens get out of turbulent times.

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.

The Walgreens Boots Alliance Friday said the drug store chain is going private, acquired by private equity company Sycamore Partners in a $23.7 billion deal described as a "definitive agreement."

Sycamore’s deal to take Walgreens private follows the storied chain’s decline amid e-commerce and health-industry changes.

Sycamore Partners to acquire Walgreens Boots Alliance, Inc. for $23.7B. WBA stock up 7.3%. Click for my review of the deal and strategy for WBA shareholders.

The struggling retail pharmacy chain entered an agreement to be purchased by private equity firm Sycamore Partners, which could end its nearly 100-year run as a public company.

Putting its many affairs in order will probably be easier as a private company, but there are still pitfalls — including a crushing load of debt.

The company will continue to operate under the name Walgreens and its headquarters will remain in the Chicago area.

Shares of Walgreens Boots Alliance have lost about half their value in the past year, as the chain has faced pressure in its retail and pharmacy businesses.

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.