Sycamore Partners, the U.S . private‑equity owner of Boots, has entered exploratory talks to sell the British pharmacy chain for about £7 .5 billion. Bidders include the billionaire Weston family, via its Canadian arm, and Australian wholesaler Sigma Healthcare, meaning the long‑awaited London IPO is now unlikely.

Sycamore Partners eyes £7.5bn trade sale to Weston family

The Weston family, best known for owning Associated British Foods, Primark and Fortnum & Mason, is bidding through its Canadian subsidiary Wittington Investments, which already runs Shoppers Drug Mart. Sources close to the negotiations say the family sees Boots as a strategic addition to its North‑American pharmacy footprint, and a trade sale this year would avoid the market volatility of an IPO slated for next year.

Sigma Healthcare's Australian bid for UK pharmacy giant

Australian‑listed Sigma Healthcare is also in the mix, hoping to use Boots as a springboard for overseas expansion. The company, which supplies pharmacies across Australia, views the acquisition as a way to diversify beyond its domestic market and tap into Boots' strong beauty and weight‑loss product lines.

Boots' recent financial performance fuels buyer interest

Boots reported a 3.2% rise in annual sales to £7.5 billion , driven by booming beauty sales and demand for weight‑loss injections,according to the source. profits for the year ending August 2025 grew 25% to £337 million , despite a £44 million hit from IT upgrades and higher employer costs. These figures make the £7.5 billion valuation – roughly equal to one year of sales – attractive to investors seeking stable retail health assets.

What remains unclear about the sale timeline and regulatory hurdles

While talks began before Easter , the discussions are still in the preliminary stage and no firm timetable has been set. It is also uncertain how UK competition regulators will view a sale to a foreign‑owned entity, and whether the Weston family’s Canadian link will raise additional scrutiny. The source notes that a trade sale is preferred to an IPO, but the exact closing date and any conditions remain unconfirmed.