British health and beauty retailer Boots is reportedly exploring a $10 billion sale that would abandon its planned London stock market debut, according to a Financial Times report published Tuesday citing sources with knowledge of the discussions.
The pharmacy chain’s current owner, private equity firm Sycamore Partners, has been in discussions with potential buyers since before Easter, the report indicates. Sycamore Partners gained control of Boots in the previous year through a $10 billion purchase of parent company Walgreens Boots Alliance.
Two key parties have emerged in the negotiations: the Canadian branch of the billionaire Weston family and Australian pharmacy group Sigma Healthcare. The Weston family maintains ownership interests in grocery retailer Loblaws and pharmacy chain Shoppers Drug Mart through their investment vehicle Wittington Investments.
The potential sale represents a shift from earlier strategic planning. In April, Reuters had reported that Boots’ ownership was collaborating with advisors on restructuring plans in preparation for a possible London IPO as early as 2027, though a sale remained an option at that time.
Boots maintains a significant presence across Britain with more than 1,800 locations providing pharmacy services, health products, and beauty brands such as Soap & Glory. The company also serves as a major provider of pharmacy services funded by the National Health Service.
When contacted for comment, Sycamore Partners declined to respond to the report. Boots and Sigma Healthcare did not provide immediate responses to requests for comment, while Wittington Investments could not be reached for comment.
