WESTON FAMILY NEARS DEAL TO BUY BOOTS FROM SYCAMORE PARTNERS

Canada's Weston family is in advanced talks to buy Boots from its private equity owner, Sycamore Partners, according to reports, with the Wall Street Journal first reporting the news. A deal could be reached as soon as next week, though no final decisions have been made. The takeover would value Boots at around £6.8 billion, according to one report, while another put the figure at roughly £7 billion, ending hopes of a London stock market listing for the chain after a 19-year absence.

Sycamore Partners bought Boots' former parent company, Walgreens Boots Alliance, last year, and the two sides have held talks over a sale for several months since. An earlier bid from the Westons was rejected after their offer was reduced, and talks stalled over the summer amid the conflict in the Middle East and wider economic pressures, according to one report. Sycamore had also held talks with Australian pharmacy group Sigma Healthcare, which pulled out in June. Boots, founded as a family herbal medicine shop in Nottingham in 1849, has closed hundreds of UK stores in recent years amid pressures on British high streets.

The Weston family also owns Fortnum & Mason and Associated British Foods, the parent company of Primark, through its UK arm. Buying Boots would mark the Canadian branch's return to UK retail after it sold department store Selfridges in 2022 for £4 billion. Dan Coatsworth, head of markets at AJ Bell, said the deal makes a Boots listing "unlikely any time soon" and called it "a major blow" to the London Stock Exchange's efforts to attract listings. Sycamore Partners and Boots both declined to comment, according to one report.