(Bloomberg) — Sycamore Partners is nearing an acquisition of Walgreens Boots Alliance Inc. (WBA), people with knowledge of the matter said, in a deal that could end the drugstore operator’s tumultuous run as a public company.

Most Read from Bloomberg

• Cuts to Section 8 Housing Assistance Loom Amid HUD Uncertainty

• How Upzoning in Cambridge Broke the YIMBY Mold

• Remembering the Landscape Architect Who Embraced the City

• NYC Office Buildings See Resurgence as Investors Pile Into Bonds

• Hong Kong Joins Global Stadium Race With New $4 Billion Sports Park

The private equity firm and Deerfield, Illinois-based Walgreens are putting the final touches on a transaction that may be announced as soon as this week, according to the people. The Wall Street Journal reported earlier that Sycamore was closing in on a deal to acquire Walgreens for $11.30 a share to $11.40 a share in cash, or about $10 billion.

A takeover could lead to the breakup of Walgreens, which runs business including UK pharmacy chain Boots and US health-care provider VillageMD, and that’s one of the options being discussed, the people said.

A take-private would mark the culmination of efforts by Walgreens’ Chairman Stefano Pessina to save his drugstore empire. A serial dealmaker, Pessina merged his Alliance Boots with Walgreens in 2014 in an attempt to great a global pharmacy colossus. But the rewards of that deal were short-lived and the stock has spent most of the last 10 years in retreat.

Shares in Walgreens have fallen by more than 50% over the last 12 months, giving the company a market valuation of about $8.9 billion. The stock took a fresh hit in late February on a report that Sycamore’s offer would carry a low premium. Pessina is likely to roll over his stake in Walgreens as part of a deal, the people said.

While discussions are at an advanced stage, the deal could still be delayed or falter, the people said, asking not to be identified discussing confidential information. Representatives for Sycamore and Walgreens declined to comment.

Walgreens’s stable also includes drugstore chain Duane Reade, specialty pharmacy group Shields Health Solutions and beauty brands such as NICE! and Soap & Glory. The company has struggled for years because of industry-wide pressure on prescription reimbursement rates and competition from online retailers like Amazon.com Inc. Its woes have been compounded by moves such as an expensive foray into patient care in July 2020 with VillageMD.

Analysts have suggested that the company’s diverse mix poses a hurdle to take-private transactions and that it would need to be broken up in any deal. Sycamore is well known for doing complex structured investments in struggling retailers and consumer companies and the firm could look to do the same with Walgreens. One option may involve refinancing Walgreens’ debt so it’s attached to certain units and not the entire company, Bloomberg News reported in January.