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. As of the time of this writing, WBA shares are up under 7% to $11.33.Heres what you need to know about the buyout and share movement.Walgreens is going privateAfter years of financial struggles, publicly traded Walgreens announced yesterday that it has accepted a deal from private equity firm Sycamore Partners to be bought and taken private. Rumors of the deal were first reported earlier this week.Under the agreement, Sycamore will take the pharmacy chain private. The move will give the 125-year-old Walgreens more room to maneuver a turnaround without having to answer to Wall Street investors, notes the Associated Press.Walgreens has faced a rough six months in particular. Last October, the company announced it would close over 1,200 stores due to falling foot traffic and increased online competition. And in January, the companys stock price plunged after it announced that it would be suspending dividend payments to shareholders in order to redirect its capital allocation.Shares in Walgreens are down more than 49% over the last year.While we are making progress against our ambitious turnaround strategy, meaningful value creation will take time, focus and change that is better managed as a private company, Tim Wentworth, CEO of Walgreens Boots Alliance, said in a statement announcing the acceptance of Sycamores offer. Sycamore will provide us with the expertise and experience of a partner with a strong track record of successful retail turnarounds.WBA stock is upbut not by a lotSome would expect that when a company receives a buyout offer, its stock price may soar. But WBA stock is up just under 7% in premarket trading, as of the time of this writing, to $11.33.The reason for this is likely due to the fact that the Walgreens-Sycamore deal will see Sycamore pay WBA shareholders $11.45 per share to close the deal. In other words, it doesnt make sense for WBA stock to be bought above that price since shareholders would only get $11.45 per share if the deal does end up going through.Conversely, it doesnt make sense for WBA stock to be sold below that price if the deal ends up going through because shareholders know they could get $11.45 per share from Sycamore when the deal closes.As for the Walgreens-Sycamore deal, though Walgreens Boots Alliance says it has accepted the offer, the deal must still be approved by WBA shareholders and also receive regulatory approvals. If the deal passes both those thresholds, Walgreens and Sycamore say its transaction is expected to close in the fourth quarter calendar year 2025.If that happens, WBA shares will no longer be listed on the Nasdaq as the company will become private.