Boots Owner in Talks on Possible $10 Billion Sale, FT Says

The owner of Boots is talking to parties including the billionaire Weston family and Australian pharmacy group Sigma Healthcare Ltd. about a $10 billion sale of the UK health and beauty retail business, according to the Financial Times.

Private equity firm Sycamore Partners, which took control of Boots through the acquisition of parent company Walgreens Boots Alliance Inc. last year, began discussions with potential strategic buyers before Easter, the FT said without naming its sources.

Representatives for Boots and Sycamore declined to comment.

If a sale takes place, it would mean Sycamore may abandon plans for an initial public offering of Boots in London.

The Canadian branch of the Weston family owns the grocery chain Loblaws and pharmacy chain Shoppers Drug Mart through its Wittington Investments vehicle. Sigma Healthcare combined with rival Chemist Warehouse Group last year.

Last month, Boots appointed Alex Baldock, outgoing boss of electronics retailer Currys Plc, as its new CEO.

Former Boots CEO Ornella Barra stepped down earlier this year after leading the British drugstore chain for almost a decade. Barra became chair of the board of directors, replacing her partner, Stefano Pessina, who is also a major shareholder in Boots and stayed as a director.

Any sale of Boots would be among the largest for a UK retailer since 2021, when US private equity firm Clayton, Dubilier & Rice bought supermarket chain Morrisons for £7 billion ($9.4 billion) and the billionaire Issa brothers and buyout firm TDR Capital bought rival grocer Asda for £6.8 billion.

Boots’ latest accounts show that total comparable retail sales rose almost 6% in the UK last year, driven by growth in beauty. The company launched more than 50 new beauty brands during the year to August 2025.

In pharmacy, sales rose 5%, with vaccinations and weight-loss treatments being the most popular paid-for services among customers.