You’re standing in the aisle looking for aspirin, and it feels like these two giants are basically the same company. They aren't. Not even close. If you’ve ever wondered who actually pulls the strings at your local pharmacy, the answer has changed dramatically in the last few months.
Honestly, the "Walgreens vs. CVS" rivalry isn't just about who has the better rewards program anymore. It’s a story of massive corporate takeovers and giant investment machines. One is a private empire now; the other is a public behemoth owned by the same funds that probably manage your 401(k).
The Shocking Shift: Who Owns Walgreens Now?
For over a century, Walgreens was the quintessential American public company. You could buy a piece of it on the Nasdaq. That ended in August 2025.
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In a move that caught a lot of casual observers off guard, Sycamore Partners, a massive private equity firm based in New York, completed a $23.7 billion acquisition of Walgreens Boots Alliance (WBA). They took the whole thing private. If you go looking for the "WBA" ticker symbol on the stock market today, you won’t find it. It’s gone.
But Sycamore isn't doing this alone. They’ve partnered with the man who was essentially the face of the company for years: Stefano Pessina.
Pessina and his family didn't just walk away with a paycheck. They reinvested 100% of their existing interests back into the new private version of the company. It’s a huge bet. Sycamore is known for grabbing "distressed" retail brands—think Staples or Belk—and trying to wring out new profits by cutting costs or changing the business model.
Basically, Walgreens is now a private experiment.
Under this new ownership, they’ve already started carving the company into five distinct pieces. It’s not just one big blob anymore. They’ve separated the U.S. retail stores (Walgreens) from the UK business (The Boots Group) and their healthcare tech arms like CareCentrix and Shields Health Solutions.
The goal? Sycamore wants to fix the retail mess without the constant pressure of quarterly earnings reports.
The CVS Reality: A Public Empire
CVS Health is a totally different animal. While Walgreens retreated to the shadows of private equity, CVS stayed very much in the public eye.
If you want to know who owns CVS, you just have to look at the giants of Wall Street. It’s a "who’s who" of institutional investors. As of early 2026, the biggest players holding the bag are:
- The Vanguard Group: Holding about 9.3% of the company.
- BlackRock: Coming in strong with over 5% through various funds.
- Dodge & Cox: A major institutional player with nearly 6%.
- State Street Corporation: Another heavy hitter in the index fund world.
When you buy a "Total Stock Market" index fund, you’re essentially becoming a fractional owner of CVS. It’s owned by millions of people indirectly through these investment firms.
What’s wild is how much CVS has changed. They aren't just a pharmacy anymore. They own Aetna (a massive insurance company) and Caremark (a pharmacy benefit manager). They basically own the doctor, the insurance, and the pharmacy. It’s a "vertical integration" strategy that makes them much more of a healthcare company than a corner store.
The Faces at the Top
Ownership is one thing, but who is actually making the calls?
At Walgreens, the new regime is led by Mike Motz. Sycamore brought him in from Staples to replace Tim Wentworth. Motz is a retail guy. He ran Shoppers Drug Mart in Canada back in the day, so he knows the pharmacy world, but his main job right now is "operational discipline." That’s corporate-speak for closing underperforming stores and making the front-of-store retail actually make money again.
Over at CVS, it’s a more stable—if complex—leadership structure. They have to answer to thousands of shareholders every few months. While Walgreens is focused on "right-sizing," CVS is busy trying to prove that their massive merger with Aetna was actually a good idea for the long term.
Why Does This Ownership Matter to You?
You might think, "Who cares who signs the checks as long as I get my blood pressure meds?"
It matters because of access.
Private equity ownership (like Walgreens) usually means a hyper-focus on efficiency. We’ve already seen Sycamore and Motz move toward closing hundreds of stores that weren't hitting their numbers. If you live in a "pharmacy desert," the ownership change at Walgreens might be why your local shop suddenly has a "Closed" sign on the door.
CVS, being public, has to keep growing to keep Vanguard and BlackRock happy. This is why you see them adding more "MinuteClinics" and primary care services. They want to be your doctor’s office, not just your pill provider.
What to Watch for in 2026
The landscape is still shifting. Here is what's actually happening on the ground:
- Walgreens Asset Sales: Keep an eye on VillageMD. As part of the Sycamore deal, there’s a "Divested Asset Proceed Right" (DAP Right) for old shareholders. This means Sycamore is likely looking to sell off parts of their primary care clinics to recoup cash.
- CVS Diversification: CVS is moving deeper into home health. They’ve been on a buying spree (Signify Health, Oak Street Health) to make sure they control every part of your medical journey.
- The "Boots" Question: There is a lot of chatter about Sycamore spinning off The Boots Group in the UK as its own thing entirely.
If you’re a consumer, the best move is to stay flexible. Don't assume your local pharmacy will be there in two years if it's a Walgreens—private equity is ruthless about cutting underperforming locations. If you're an investor, CVS remains the "safe" play in the public markets, but you're buying a massive, slow-moving insurance company as much as a retail pharmacy.
To keep your healthcare costs down, always check if your insurance "preferred" pharmacy has changed. With CVS owning Aetna, they often nudge you toward their own stores, while Walgreens is increasingly becoming a standalone retail play again. Checking your plan's formulary every January is the only way to make sure you aren't paying a "convenience tax" for using the wrong owner's store.