Companies · 7 Oct 2026 · 2 min read
Weston family to buy Boots from Sycamore in $8.9 billion deal, FT says
The Canadian family behind Loblaws is set to buy UK pharmacy chain Boots from Sycamore Partners, the FT reported. The sale would end months of on-off talks and likely rule out a London listing.
The short answer
The Financial Times (FT) reported Wednesday that the billionaire Weston family, owner of Canada's Loblaws and Shoppers Drug Mart, will buy UK pharmacy chain Boots from private equity firm Sycamore Partners for $8.9 billion. If completed, the deal would hand Sycamore a sale about a year after its Walgreens takeover and likely mean no Boots stock market listing.
What’s going on here?
The Financial Times (FT) reported on Wednesday that the Weston family, the Canadian owner of supermarket group Loblaws and pharmacy chain Shoppers Drug Mart, is set to buy Boots in an $8.9 billion deal. The seller is Sycamore Partners, the private equity firm that took Walgreens Boots Alliance private for $23.7 billion last year and then ran Boots as a standalone business. Earlier reports had described talks valuing Boots at about $9 billion including debt, through the family's investment arm, Wittington Investments. Neither company had commented publicly on those talks.
What does this mean?
This would close a long and bumpy sale process. Australia's Sigma Healthcare dropped a rival bid in June, leaving the Westons as the only bidder. In August, Retail Insight Network, citing The Telegraph, said talks had stalled after the family lowered its offer, with one source putting the chance of a deal at 50/50. The family had reportedly grown more cautious as inflation worries, the risk of higher interest rates and weaker business confidence clouded the outlook.
For Sycamore, a trade sale offers a quicker route to cash than a stock market listing. The firm had been weighing a London Stock Exchange flotation for Boots and was expected to revive those plans next year if no buyer emerged. A private sale removes that option, which is a small setback for a London market that has been hoping for big new listings.
For the Westons, Boots would be a return to large-scale British retail. The family's Canadian branch sold department store Selfridges in 2021, according to The Logic, and the wider family founded Associated British Foods, owner of Primark and Twinings. Boots runs about 1,800 shops and owns beauty brands such as No7 and Soap & Glory. It has closed hundreds of weaker UK stores while focusing investment on around 400 larger outlets.
The price is worth watching. The $8.9 billion figure the FT reported is close to, and slightly below, the roughly $9 billion including debt cited in reports last week. Full terms, such as how much debt the buyer takes on, had not been made public.
The bull case
A long-term family owner with deep pharmacy experience through Shoppers Drug Mart could give Boots stable backing and room to invest after years of cost cutting. For Sycamore, a sale crystallizes value from its Walgreens deal and may reassure private equity investors that big exits are still possible when listing markets are uncertain.
The bear case
UK high-street retail faces tight consumer budgets and rising costs, and Boots has already had to shut hundreds of stores. The family reportedly cut its offer over the summer as the economic outlook worsened, a sign it sees real risks. The London market also loses a potential large listing, adding to concerns that major UK companies are choosing private owners over public shareholders.
Why should I care?
For markets:
Boots is privately owned, so the direct market effect is limited. The deal could shape sentiment around UK retail valuations and private equity exits, and it removes a possible large London IPO from the pipeline.
The bigger picture:
For shoppers, a change of owner rarely changes much quickly. For investors, it shows how more well-known British brands are being bought privately rather than listed, which narrows what everyday investors can own through the stock market.
Market impact
| Asset (ticker) | Potential direction | Timeframe | Confidence | Reason |
|---|---|---|---|---|
| iShares MSCI United Kingdom ETF (EWU) | ↔ neutral | Long term | Low | Shows overseas appetite for UK assets but removes a potential large London listing. |
Potential impact, not investment advice.
Frequently asked questions
Who is buying Boots?
The Financial Times reported that the billionaire Weston family, the Canadian owner of Loblaws and Shoppers Drug Mart, is buying Boots. Earlier reports said the purchase would be made through the family's investment arm, Wittington Investments, in a deal valued at about $9 billion including debt.
Who owned Boots before the Weston deal?
Boots was owned by private equity firm Sycamore Partners, which took its parent Walgreens Boots Alliance private for $23.7 billion last year. Sycamore then separated Boots into a standalone business, setting it up for either a sale or a stock market listing.
Will Boots be listed on the London Stock Exchange?
A sale to the Weston family would most likely rule that out for now. Sycamore had considered floating Boots in London and was expected to revive that plan next year if no buyer emerged. A completed private sale would mean Boots stays off the public market.
Sources: Financial Times, Retail Insight Network, The Logic, Cosmetics Business
