Sycamore nears £7 billion deal to sell Boots to Canada’s Weston family

Sycamore, the private-equity owner that bought Walgreens Boots Alliance, is close to finalising a £7 billion sale of Boots to Canada’s Weston family. After splitting Boots from its U.S. operations last August, Sycamore began a sale process earlier this year, with Australian firm Sigma Healthcare initially in talks before exiting in the summer. The Weston family, which runs the Loblaws grocery chain via Wittenham Investments, emerged as the preferred buyer, returning to the UK market after divesting Selfridges for £4 billion in 2022.

The deal would encompass Boots’ UK and Irish stores, its optician network, the No7 beauty line and pharmacies in Thailand, Mexico and Germany. Sycamore had also weighed an initial public offering on the London Stock Exchange, but the sale route now appears dominant. Boots has not provided a comment on the negotiations.