Walgreens Boots Alliance (WBA) finalized a $10 billion deal, worth as much as $23.7 billion, with Sycamore Partners to go private after four months of negotiations, the companies announced Thursday. The drugstore giant's stock jumped over 7% in trading on Friday after the news that the company was preparing to exit the public markets.

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.

The deal will see Sycamore Partners pay Walgreens shareholders $11.45 per share as it takes the company private and attempts a turnaround. Shares in Walgreens Boots Alliance, Inc. (Nasdaq: WBA) are up a modest amount after the company announced yesterday that it has agreed to be purchased by private equity firm Sycamore Partners.

Walgreen Boots Alliance will become privately held in a $10 billion takeover by the investment firm Sycamore Partners.