Monegasque billionaire Stefano Pessina is set to deepen his control over Walgreens Boots Alliance, as he prepares to raise his stake in the company to nearly 50 per cent in a $10 billion private equity deal led by Sycamore Partners…
Pessina, already a major shareholder with 17 per cent of the group, will inject further capital to significantly expand his holding, according to sources close to the matter, as reported by The Times.
The deal marks another milestone for Pessina, a Monaco resident and one of the Principality’s most influential global business figures. Aged 83, he built his pharmaceutical empire from a family-run wholesaler into a multinational powerhouse, later merging Alliance UniChem with Boots in 2006. Following a historic partnership with private equity firm KKR, he helped take the company private before it was acquired by US-listed Walgreens in 2014. Pessina served as CEO from 2015 to 2021, during which time the group returned an estimated $30 billion to shareholders.
Boots, with more than 1,800 stores and 50,000 employees across the UK, has long been a fixture of the British high street. However, Walgreens Boots Alliance has suffered major market setbacks in recent years, shedding 90 per cent of its value since its $100 billion peak in 2014.
Sycamore’s planned acquisition — internally codenamed “Project Blazing Star” — could see significant restructuring, possibly including a future sale of Boots. While final ownership terms are still being negotiated, Pessina’s expanded stake signals both personal confidence and ongoing commitment to the business he helped shape over decades.
Image: Wallgreens Boots Aliance
