Billionaire Weston family closes in on £7bn Boots takeover
The Canada arm of the billionaire family behind Primark is inching towards another deal, as it closes in on a £7bn takeover of Boots from its private equity owners.
The Westons are in advanced talks to buy the UK pharmacy chain from Sycamore Partners, ending hopes of a potential London IPO.
Discussions are ongoing, a person familiar with the matter said, but a deal is expected to be reached as soon as next week, the Wall Street Journal first reported.
The two sides have been in talks regarding a sale over the last few months after Boots was severed from its former parent company, Walgreens Boots Alliance.
An earlier bid from the Weston’s for Boots was rejected after its offer for the high street chain was reduced.
The Weston’s, a Canadian business dynasty, are one of the world’s richest families. The UK arm owns brands including Fortnum & Mason and Primark-owner Associated British Foods.
Battle for Boots
Boots’ future has been thrown into question in recent months. Sycamore weighed up a potential London listing for the pharmacy chain after purchasing it for £18bn last year.
Talks between the two parties over a sale ground to a halt this summer after the conflict in the Middle East and wider economic shocks damaged business confidence.
Sycamore previously held talks with Sigma Healthcare, an Australian pharmacy group, before they pulled out.
Purchasing Boots would mark a return to the UK for the Canadian branch of the family, after they sold department store Selfridges in 2022 for £4bn.
But the pharmacy chain has struggled in recent years, and was forced to close hundreds of UK stores in an attempt to alleviate economic pressures squeezing British high streets.
Sycamore Partners has been contacted for comment. Boots declined to comment.