Shares of Walgreens Boots Alliance (NASDAQ:WBA) were launched higher in Thursday’s premarket on reports that Sycamore Partners plans to break the company into three separate pieces after taking the entire company private.

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.

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.