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Fairness Opinion Detail

WBA FOOpen source

Walgreens Boots Alliance to Sycamore Partners

General Retail/Aug 2025/Centerview, Morgan Stanley

Deal Information

Target
Walgreens Boots Alliance
Acquiror
Sycamore Partners
Sector
General Retail
Target Type
Public
Acquiror Type
Financial
Advisors
Centerview, Morgan Stanley

Transaction Metrics

Enterprise Value
$23.6B
EV / LTM Sales
EV / LTM EBITDA
6.1x
EV / Fwd EBITDA

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: Centerview

TEV/LTM EBITDA selected range: 5.5x - 7.5x

11 comps
May 2022The Fresh Market, Inc.Cencosud S.A.$1.6B-8.0x-
May 2021Smart & Final Stores, Inc.Bodega Latina Corp.$600M-3.7x-
Apr 2019Smart & Final Stores, Inc.Apollo Global Management, LLC$1.1B-6.5x-
Jul 2018Supervalu Inc.United Natural Foods, Inc.$2.9B-7.0x-
Jun 2017Whole Foods Market, Inc.Amazon.com, Inc.$13.7B-10.6x-
Oct 2016Save-A-LotOnex$1.4B-7.0x-
Mar 2016The Fresh Market, Inc.Apollo Global Management, LLC$1.4B-7.1x-
Nov 2015Roundys, Inc.The Kroger Co.$800M-6.9x-
Dec 2024Nordstrom, Inc.Nordstrom Family, El Puerto de Liverpool S.A.B. de C.V.$6.3B-5.7x-
Jun 2017Staples, Inc.Sycamore Partners$6.6B-5.0x-
Aug 2015Belk, Inc.Sycamore Partners$2.8B-6.9x-
Mean-6.8x-
Median-6.9x-

Advisor: Morgan Stanley

AV/LTM EBITDA selected range: 5.0x - 8.0x

15 comps
Oct 2015Rite AidCompany$17.2B-13.0x-
Jun 2012Alliance BootsCompany$30.8B-12.1x-
Feb 2010Duane ReadeCompany$1.1B-11.4x-
Nov 2015PetcoCVC/CPP Investments$4.6B-9.0x-
May 2022The Fresh MarketCencosud$1.6B-8.0x-
Jul 2013Harris TeeterKroger$2.5B-7.4x-
Mar 2016The Fresh MarketApollo$1.4B-7.1x-
Oct 2016Save-a-LotOnex$1.4B-7.0x-
Aug 2015BelkSycamore$2.8B-6.9x-
Nov 2015RoundysKroger$800M-6.9x-
Apr 2019Smart&FinalApollo$1.1B-6.5x-
Dec 2024NordstromNordstrom Family, Liverpool$6.3B-5.7x-
Mar 2014SafewayAlbertsons$9.0B-5.5x-
Oct 2022AlbertsonsKroger$24.6B-5.4x-
Jun 2017StaplesSycamore$6.6B-5.0x-
Mean-7.8x-
Median-7.0x-