Investment firm Sycamore Partners has confirmed a binding agreement to purchase US healthcare and retail major Walgreens Boots Alliance (WBA) for $23.7bn. WBA shareholders will be compensated with $11.

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."

Walgreens is selling itself to the private equity firm Sycamore Partners. This comes after the company has faced increased competition from online retailers like Amazon. It remains to be seen, however,