Walgreens on Thursday approved a deal to go private, which sells the company to private-equity law firm Sycamore Partners for $10 billion.

The deal comes after the company saw its value plummet in recent years, forcing it to close 1,200 locations by 2027. Shares in the drugstore giant have lost nearly 80% of their value over the past five years, according to CNN.

Walgreens said that Sycamore Partners has agreed to pay $11.45 a share in cash, a deal that could equal up to $23.7 billion after paying off debt and other potential future payouts.

“While we are making progress against our ambitious turnaround strategy, meaningful value creation will take time, focus and change that is better managed as a private company,” Walgreens CEO Tim Wentworth said in a statement. “Sycamore will provide us with the expertise and experience of a partner with a strong track record of successful retail turnarounds.”

The company is expected to keep its headquarters in Chicag and will finalize the deal in the fourth quarter of fiscal 2025, CNBC reported. The loss in revenue and value stems from a rise in its competitors such as CVS and Amazon.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.