Sycamore Partners is nearing an acquisition of Walgreens Boots Alliance Inc., people with knowledge of the matter said, in a deal that could end the drugstore operator’s tumultuous run as a public company.

The Financial Times is reporting that Walgreens Boots Alliance would be split three ways if Sycamore Partners buys out the pharmacy chain.

Shares of Walgreens Boots Alliance (NASDAQ: WBA) rallied 7.6% on Tuesday, as of 2 p.m. ET. It appears that a take-private deal with private equity firm Sycamore Partners is getting closer to fruition,