Sycamore Partners is planning a three-way split of Walgreens Boots Alliance if a deal to take the struggling pharmacy chain private is reached, the Financial Times reported on Thursday, citing people familiar with the matter.

Walgreens Boots Alliance (WBA) shares soar on reports of a Sycamore Partners-led privatization and breakup plan. Explore the proposed deal's implications.

Sycamore Partners is reportedly working with Morgan Stanley and UBS on a $10 billion financing package for a potential acquisition of Walgreens, per a MSN report that cited a posting on X from Octus, formerly known as Reorg.

A rumored private equity buyout of Walgreens could lead the company to be split up, according to media reports. | A rumored private equity buyout of Walgreens could lead the company to be split up, according to media reports.

The private-equity suitor is planning on splitting up Walgreens' U.S. and U.K. pharmacy businesses, as well as its specialty pharmacy unit, the Financial Times reports.