Sycamore is close to selling Boots to Canada's Westons family for approximately $9 billion, according to the Wall Street Journal. The transaction would occur through Wittington Investments, which owns Loblaws and Shoppers Drug Mart. Terms could be finalized as soon as next week, though no final decision has been made.
Sycamore acquired Boots during its $23.7 billion takeover of Walgreens Boots Alliance last year and has since split the group into five standalone businesses for separate exits. The Westons, who control Primark and own Fortnum & Mason, would enter UK retail four years after selling Selfridges for £4 billion.
The deal would end years of ownership uncertainty, with Walgreens having attempted to sell the chain in 2022. Recent performance has improved, with revenue rising 3.2% to £7.5 billion and pre-tax profit increasing by a quarter to £337 million in the year to August 2025, driven by new beauty brands and demand for weight-loss injections.
Proceeds will be shared with Stefano Pessina's family, which retains a 44% stake in each company. A trade sale would preclude the London IPO that City bankers had hoped for since Boots appointed former Currys CEO Alex Baldock.
Source: PE Insights · Summarized by HeadlinesBriefing