Sycamore Partners nears $9 billion sale of UK chemist Boots to Weston family
Sycamore Partners is close to selling British pharmacy chain Boots to Canada's Weston family for about $9 billion, ending years of ownership uncertainty and plans for a London stock listing.
Terms of the proposed acquisition
Private equity firm Sycamore Partners is in advanced discussions to sell British pharmacy chain Boots to the billionaire Weston family in a transaction valued at approximately $9 billion (£7 billion) including debt. The Canadian branch of the Weston family is leading the acquisition through Wittington Investments, the holding vehicle that controls Canadian supermarket operator Loblaws and pharmacy chain Shoppers Drug Mart. People familiar with the matter stated that a formal agreement could be completed as soon as next week, though talks remain subject to change. The sale would place the high street chemist under new ownership following four years of ownership reviews. Sycamore Partners declined to comment on the negotiations, Boots did not respond to requests for comment, and Wittington Investments did not immediately reply.
Corporate restructuring under Sycamore Partners
The potential transaction follows the privatization of parent company Walgreens Boots Alliance by Sycamore Partners in 2025, a buyout valued at $23.7 billion. Walgreens had previously initiated turnaround efforts to address a sharp decrease in its market value before the private equity acquisition. Following the takeover, Sycamore Partners divided the corporate structure into five standalone businesses to facilitate the disposal of non-core holdings, including Boots. The family of Stefano Pessina, who structured the original 2012 deal uniting Boots and Walgreens, retains a 44 percent equity interest across all five units. Prior to focusing on the Weston family, Sycamore Partners also conducted exploratory sale negotiations with Australian pharmacy group Sigma Healthcare.
- Stefano Pessina unites Boots and Walgreens into a single company.
- Walgreens explores a sale of Boots, while the Weston family sells Selfridges for £4 billion.
- Sycamore Partners acquires Walgreens Boots Alliance and splits the group into five standalone units.
- Alex Baldock is appointed chief executive of Boots.
- Sycamore Partners enters advanced negotiations to sell Boots to the Weston family for $9 billion.
Financial performance and market drivers
Boots recorded revenue and earnings growth ahead of the sale talks, supported by consumer demand for cosmetic products and clinical treatments. The company reported in June that retail and pharmacy sales across the United Kingdom had risen due to the addition of new beauty brands and the wider adoption of weight-loss injections. Total revenue reached £7.5 billion in the twelve months ending in late August 2025, representing an increase of 3.2 percent year-on-year. Pre-tax profits climbed by 25 percent to £337 million over the same fiscal period, supported by the reversal of earlier accounting impairment charges. The business had previously faced an unsuccessful sales process in 2022, when Walgreens solicited bids from private capital groups that failed to meet its valuation targets.
Executive changes and retail portfolio
A purchase by Wittington Investments brings the Canadian branch of the Weston family back into United Kingdom retailing after its £4 billion sale of luxury department store Selfridges in 2022. The British branch of the Weston family separately controls retail assets in the country, including the discount fashion chain Primark and London department store Fortnum & Mason. The private acquisition also ends speculation regarding a potential initial public offering on the London Stock Exchange, an outcome City of London financial institutions had anticipated. Market attention had turned to a potential public listing in May 2026, when Boots named Alex Baldock, the former chief executive of London-listed electronics group Currys, as its chief executive.
