Boots closing on £7 billion sale to Canada’s Weston family – reports

Boots is nearing a roughly £7 billion sale deal to the Canadian branch of the billionaire Weston family, according to reports.

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.

Sycamore has split the business up into divisions, including Boots, since the takeover.

It 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 Canadian Weston family, which owns the grocery chain Loblaws through its Wittington Investments firm, was heavily linked with Boots earlier this year.

It would mark a return to UK retail for the family after they sold luxury department store business Selfridges for £4 billion in 2022.

The Weston family’s British side is the majority owner of Primark through its parent firm Associated British Foods, which also owns grocery brands including Twinings and Ryvita.

Sycamore split Boots from the US operations last August.

The new UK-based Boots business included Boots UK and Ireland, Boots opticians, No7 Beauty company and pharmacies in Thailand, Mexico and Germany.

Sycamore also considered a potential initial public offering (IPO) for Boots on the London stock market.