Shareholders of Walgreens Boots Alliance have approved a $10 billion deal that will see the company taken private by Sycamore Partners.

Approximately 96 per cent of shareholders voted in favor of the proposed merger at the company’s special meeting. 

The deal, which was revealed in March, would close out nearly a century of trading on public markets for the pharmacy giant.

Under the terms, Walgreens shareholders will receive $11.45 per share in cash at closing. They could also receive an additional $3 in cash per share from future monetization of the company’s debt and equity interests in primary-care provider VillageMD.

The price, however, is only a fraction of the $100 billion the chain was worth a decade ago. The company’s market capitalization has dropped 90 per cent since 2015 to $9.3 billion this year, with debt and lease obligations ballooning to almost $30 billion.

The chain previously recorded some improvements in its losses for the second quarter, but management said meaningful growth would take more time.

“With Sycamore’s partnership, we will be better positioned to accelerate our turnaround strategy, further enhance the customer, patient and team member experience and become the first choice for pharmacy, retail and health services,” CEO Tim Wentworth commented after the special meeting.

The company expects to close the transaction in the third or fourth quarter of this year. The deal is still subject to regulatory approvals among other customary closing conditions.