Boots owner reportedly nearing $9bn sale to Canada's Weston family

Sycamore Partners, the private equity firm that bought Walgreens Boots Alliance for $23.7bn in 2025, is reportedly in advanced negotiations to sell the Boots pharmacy chain to the Canadian branch of the billionaire Weston family. The deal is said to value Boots at around $9bn (£7bn), and the Financial Times has reported it could be finalised as early as next week.

Should the sale go through, it would bring the Canadian Weston family back to the UK high street, where they previously owned department store Selfridges before selling it for £4bn in 2022. In Canada, the Westons are known for owning grocery chain Loblaws and pharmacy retailer Shoppers Drug Mart. The UK branch of the family, which operates through a separate investment vehicle, holds a majority stake in Primark via parent company Associated British Foods.

The reported talks come months after Sycamore's failed attempt to sell Boots to Australian pharmaceutical group Sigma Healthcare in a deal that would have valued the chain at $10bn. Since acquiring Walgreens Boots Alliance last year, Sycamore has been expected to break up the group and sell off its various parts, and it has already split the company into five standalone businesses.

Boots' history and recent performance

Founded in Nottingham in 1849, Boots has changed ownership multiple times over the past two decades, including a merger with Alliance Unichem, a takeover by KKR, and eventual full acquisition by Walgreens. The chain currently operates 1,800 stores across the UK and employs about 51,000 people, with roughly 6,000 based at its headquarters in Beeston, near Nottingham. This summer, Boots reported that revenue rose 3.2% to £7.5bn for the year ending August 2025, while pre-tax profit climbed 25% to £337m, driven by strong demand for weight-loss medications and beauty products. Boots declined to comment on the reported sale talks.