Sycamore nears $9bn sale of Boots to Weston family

Sycamore Partners is in advanced discussions to sell UK health and beauty retailer Boots to the Canadian branch of the billionaire Weston family in a transaction that could value the business at about $9bn, according to a report by the Financial Times.

The report cites unnamed people familiar with the matter as saying that a deal could be agreed as soon as next week, although negotiations remain ongoing and terms could still change.

The Weston family would acquire Boots through Wittington Investments, its investment vehicle that also owns Canadian grocery retailer Loblaws and pharmacy chain Shoppers Drug Mart.

The potential transaction would give the family a renewed presence in UK retail four years after it sold department store Selfridges for £4bn. The British arm of the family controls Primark owner Associated British Foods and owns luxury retailer Fortnum & Mason.

Sycamore acquired Boots last year as part of its $23.7bn takeover of parent company Walgreens Boots Alliance. Following the acquisition, the private equity firm separated the group into five standalone businesses, including Boots, with Stefano Pessina’s family retaining a 44% stake in each of the resulting companies.

Sycamore had also held discussions with Australian pharmacy operator Sigma Healthcare about Boots, according to previous reports.

Boots has been the subject of sale discussions since 2022, when Walgreens first began exploring strategic options for the chain. Previous bids from private capital investors failed to meet the seller’s expectations.

The retailer has continued to report growth in its UK operations. In June, Boots said sales had benefited from the performance of newer beauty brands and increased demand for weight-loss treatments. Revenue rose 3.2% to £7.5bn for the year to August 2025, while pre-tax profit increased by about 25% to £337m, partly reflecting the reversal of impairment charges.

Sycamore and Boots reportedly declined to comment on the potential transaction, while Wittington reportedly did not immediately respond to a request for comment.