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.

Walgreens struck a deal to be taken private by Sycamore Partners in one of the biggest leveraged buyouts in recent memory. Sycamore agreed to pay $11.45 a share in cash for Walgreens Boots Alliance, ...