Boots is reportedly close to being sold in a deal worth roughly £7 billion to the Canadian branch of the billionaire Weston family. Private equity owner Sycamore is in advanced talks over the sale, only a year after taking over Boots through the acquisition of parent firm Walgreens Boots Alliance.
Return to UK retail
The deal would mark a return to UK retail for the Weston family after they sold luxury department store business Selfridges for £4 billion in 2022. The family's British side is the majority owner of Irish-originated Primark through its parent firm Associated British Foods, which also owns grocery brands including Twinings and Ryvita.
Sycamore split the business up into divisions, including Boots, since the takeover. The new UK-based Boots business included Boots UK and Ireland, Boots opticians, No7 Beauty company and pharmacies in Thailand, Mexico and Germany.
Sale process details
Sycamore started a process for a potential buyer earlier this year, with Australian pharmacy business Sigma Healthcare holding talks before pulling out of the process in the summer. The Wall Street Journal reported that a deal could be reached over the next week.
The Canadian Weston family, which owns the grocery chain Loblaws through its Wittington Investments firm, was heavily linked with Boots earlier this year. Sycamore also considered a potential initial public offering (IPO) for Boots on the London stock market.
Boots has declined to comment at this time.
