Boots £7bn Sale
Sycamore Partners Nears £7 Billion Sale of Boots to the Weston Family
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Key Points
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Boots operates about 1,800 stores in the UK and employs roughly 51,000 people, according to one report.
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Sycamore had reportedly tried and failed to sell Boots to Australian pharmacy group Sigma Healthcare in a deal that would have valued the business at $10 billion.
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Boots’ operations extend beyond its UK and Ireland retail and optician businesses: the group also includes No7 Beauty and pharmacies in Thailand, Mexico and Germany.
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The Weston family previously owned Selfridges, which it sold for £4 billion in 2022; its Canadian holdings include grocery chain Loblaws and pharmacy chain Shoppers Drug Mart.
Sycamore Partners is in advanced talks to sell British pharmacy and beauty retailer Boots to Canada's Weston family for about £7 billion ($9 billion), Wall Street Journal reported. A deal could close within weeks, marking a major step in Sycamore's plan to break up the former Walgreens Boots Alliance after acquiring it in 2025.
Boots operates roughly 1,800 stores across the UK and Ireland with about 51,000 employees. The chain also owns No7 Beauty and pharmacies in Thailand, Mexico, and Germany. Neither Boots nor Sycamore has officially confirmed the sale talks.
A Failed Bid From Australian Rival Sigma
Before turning to the Weston family, Sycamore tried to sell Boots to Australian pharmacy group Sigma Healthcare in a deal valued at $10 billion. That transaction fell through, leaving the door open for other bidders. The Weston family move appears more likely to succeed, according to Drugstore News.
The Weston Family's Retail Track Record
The Weston family previously owned luxury department store Selfridges, which it sold for £4 billion in 2022. In Canada, the family controls grocery chain Loblaws and pharmacy retailer Shoppers Drug Mart. Their experience in retail and pharmacy makes them a natural fit for Boots, Cosmetics Business noted.
Sycamore's Plan to Untangle Walgreens
Sycamore's £7 billion sale of Boots would let the private equity firm focus on fixing Walgreens' struggling U.S. pharmacy business. Breaking up Walgreens Boots Alliance into separate companies was part of Sycamore's strategy from the start. A Boots sale also signals Sycamore may have shelved plans for a London stock market listing, Global Cosmetics News reported.
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