THE WHAT? Walgreens’ private equity owner Sycamore Partners is reportedly nearing a deal to sell UK pharmacy and beauty retailer Boots to the Canadian arm of the Weston family for close to US$9 billion including debt.
THE DETAILS Sycamore has been in discussions with the Weston family over a transaction that could be completed within weeks, although negotiations could still fall through. The private equity firm acquired Walgreens in 2025 for US$24 billion including debt and subsequently separated the business into five units to facilitate potential disposals of non-core operations, including Boots. The Weston family’s Canadian interests include Loblaw, Canada’s largest food retailer and owner of pharmacy chain Shoppers Drug Mart. Boots also encompasses former Walgreens international operations across markets including Thailand, Mexico, Germany and China.
THE WHY? A sale would represent a major ownership change for one of the UK’s largest pharmacy, health and beauty retailers while allowing Sycamore to monetise a significant international asset and concentrate resources on the turnaround of Walgreens’ US operations.
Source: The Wall Street Journal
