Chronological coverage updated 1st October 2026 10:03.
Update 1 · 1st October 2026
Sycamore Partners in Talks to Sell Boots to Canada's Weston Family for $9bn
The private equity owner of Boots is approaching an agreement to sell the UK pharmacy chain to the Canadian branch of the billionaire Weston family in a deal valued at $9bn (£7bn). Sycamore Partners, which acquired Walgreens Boots Alliance for $23.7bn in 2025, has been engaged in negotiations that could conclude within days.
If completed, the transaction will mark a high-profile return to British retail for the Canadian side of the Weston empire. The family previously owned the flagship London department store Selfridges before selling it for £4bn in 2022. In Canada, their holdings include the grocery giant Loblaws and the nationwide pharmacy chain Shoppers Drug Mart. A separate UK-based branch of the family holds a controlling interest in Primark through Associated British Foods.
Restructuring and financial performance
Sycamore Partners has been restructuring Walgreens Boots Alliance since its takeover last year, dividing the parent business into five standalone operational entities. The current negotiations follow an earlier attempt this summer to sell Boots to Australian pharmaceutical company Sigma Healthcare in a potential $10bn deal that ultimately failed to finalize.
Boots reported revenues of £7.5bn and a 25% increase in pre-tax profit to £337m for the financial year ending August 2025..
Founded in Nottingham in 1849 by John Boot, the health and beauty retailer currently operates approximately 1,800 stores across the UK and employs 51,000 workers, including 6,000 staff at its corporate headquarters in Beeston. The business has undergone multiple changes in ownership over the past two decades, including private equity ownership by KKR in 2007 and full acquisition by US retailer Walgreens in 2014. Financial results for the year ending August 2025 revealed a 3.2% rise in revenue, boosted by strong consumer demand for weight loss treatments and cosmetics.
- Boots is subject to $9bn takeover negotiations between Sycamore Partners and Canada's Weston family.
- The acquisition would represent the Weston family's return to UK commercial property and retail following their 2022 sale of Selfridges.
- Boots continues to show profit growth, driven by expansion in healthcare products and beauty lines.