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 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.

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.