Boots in £7.5bn Sale Talks with Weston Family, IPO Hopes Dented
Boots, the 177-year-old UK pharmacy chain, is in talks to be sold for £7.5 billion to the billionaire Weston family (owners of Primark) in partnership with Australian firm Sigma Healthcare, though Sigma later withdrew. The potential private sale, orchestrated by owner Sycamore Partners, would derail plans for a London IPO. Boots recently reported a 25% profit rise to £337 million, driven by weight-loss jabs and beauty sales, and has appointed former Currys CEO Alex Baldock.
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Boots moves closer to London float but billionaire Westons circle
Boots, the 177-year-old British pharmacy and retailer, is moving closer to a potential London IPO after Australian pharmacy giant Sigma Healthcare withdrew from £7.5bn takeover talks. The withdrawal leaves only the billionaire Weston family as a potential private buyer. A London float would mark a return to the FTSE 100 for Boots and provide a boost to UK capital markets, which have seen several high-profile listings move to New York. Boots turned a pre-tax profit of £337m in its last fiscal year, up 25% year-on-year, and has expanded in beauty and wellness markets. However, analysts caution that an IPO is not straightforward, as Boots must convince investors of its valuation amid a competitive market. The incoming CEO Alex Baldock, fresh from a successful turnaround of Currys, is seen as a key asset to attract investors. The Weston family, through Wittington Investments, remains in negotiations for a private sale.
City AMAustralia's Sigma Healthcare Abandons $10 Billion Boots Acquisition Talks
Australia's Sigma Healthcare has withdrawn from early-stage discussions to acquire the UK pharmacy and health-and-beauty chain Boots, ending a potential deal estimated at around $10 billion. Sigma said Boots no longer fits its strategic priorities or capital allocation framework, signaling a renewed focus on its core Australian and Asian growth pipeline. The decision prolongs uncertainty over Boots' ownership, which has cycled through multiple owners including Walgreens and most recently private equity firm Sycamore Partners. Boots operates roughly 1,800 stores across Britain, employs around 51,000 staff, and has been repositioned around higher-margin health and wellness categories. In its latest reported year, Boots delivered revenues of about $9.6 billion with pre-tax profit rising 25% to around $430 million. The collapse of talks highlights continuing uncertainty around strategic ownership options for the iconic British retail brand.
Forbes - BusinessSigma Healthcare Ends Boots Takeover Discussions Over Strategic Fit
Australia-based Sigma Healthcare has withdrawn from discussions to acquire UK pharmacy chain Boots from Sycamore Partners, stating that the potential $10 billion deal would not meet its strategic and capital investment objectives. Sigma, which owns Chemist Warehouse and recently expanded into the UK via a joint venture with GreenLight Healthcare, said it would focus on Australia while reviewing other opportunities. Boots, which posted revenue growth of 3.2% to £7.5bn and a 25% rise in pre-tax profit to £337m for the year to August 2025, has been subject to repeated ownership speculation, including a possible stock market flotation and interest from the Weston family's Wittington Investments.
Yahoo FinanceSigma Healthcare Ends Boots Takeover Talks Over Strategic Fit
Australia-based Sigma Healthcare has withdrawn from discussions to acquire UK pharmacy chain Boots in a deal valued at $10bn, citing a lack of strategic fit and capital investment alignment. Sigma, which owns Chemist Warehouse and completed its near-$6bn merger with the pharmacy chain last year, had been in talks with Boots' owner Sycamore Partners. The decision comes despite Sigma's recent expansion into the UK via a joint venture with GreenLight Healthcare, operating 22 pharmacies in London. Boots, which reported revenue growth of 3.2% to £7.5bn and a 25% rise in pre-tax profit to £337m for the year to August 2025, has faced repeated ownership speculation, including past interest from Apollo, TDR Capital, and the Weston family. Sigma stated it would continue focusing on Australia while reviewing other acquisition opportunities.
Yahoo FinanceAustralian pharma giant Sigma quits Boots takeover talks
Australian pharmacy giant Sigma Healthcare has withdrawn from negotiations to acquire Boots in a £7.5bn private takeover, stating the deal would not meet its investment objectives. The decision leaves only the billionaire Weston family in talks with Boots' owner, private equity firm Sycamore Partners. Sigma's exit renews speculation that Boots could pursue a London IPO, potentially valued at around £7bn, which would mark its return to the FTSE after being taken private in 2007. Boots recently reported a 25% rise in pre-tax profit to £337m and a 6% increase in retail sales. The company operates over 1,800 stores in Britain and is set to appoint former Currys boss Alex Baldock as CEO. Sycamore Partners, which acquired Boots via Walgreens Boots Alliance for $23.7bn last year, continues to prepare for a possible London listing despite ongoing sale talks.
City AMSycamore Partners Weighs $10 Billion Boots Sale as Early Talks Accelerate
Sycamore Partners is considering a $10 billion sale of UK health and beauty chain Boots, attracting early interest from Canada's Weston family and Australian healthcare group Sigma Healthcare. Sigma Healthcare confirmed it has engaged in preliminary discussions. Sycamore took ownership of Boots after acquiring Walgreens Boots Alliance for $23.7 billion last year and later restructuring the group into five separate businesses. The Weston family, via Wittington Investments, is pursuing the acquisition, which would mark their first major UK retail return since selling Selfridges in 2022. The Stefano Pessina family holds a 44% stake across the five businesses. A private sale could dampen hopes for a Boots IPO in London. Boots reported revenue growth of 3.2% to £7.5 billion and a 25% rise in pre-tax profit to £337 million for the year to August 2025. The retailer recently appointed former Currys CEO Alex Baldock as its head.
Yahoo FinanceBoots owners consider £7.5bn sale, dashing London IPO hopes
The owners of Boots, the UK high street chemist chain, are considering a £7.5bn private sale, which would end hopes of a London stock exchange listing. Sycamore Partners, the private equity firm that acquired Boots' parent company Walgreens Boots Alliance for $23.7bn last year, has been in talks with multiple suitors since before Easter. Potential buyers include the billionaire Weston family, who own Canadian grocery chain Loblaws and pharmacy Shoppers Drug Mart, and Australian-listed Sigma Healthcare. A London IPO, which could have valued Boots at around £7bn, was seen as a major boost for the UK stock exchange amid a drought of listings. Boots recently reported a 25% rise in pre-tax profit to £337m and revenue growth to £7.5bn. Former Currys boss Alex Baldock is set to become Boots' new CEO later this year.
City AMBoots in £7.5bn Sale Talks with Billionaire Family Behind Primark
Boots, the 177-year-old British pharmacy chain, is in talks to sell itself for £7.5 billion to the billionaire Weston family, which owns Primark, in partnership with Australian pharmacy group Sigma Healthcare. The potential deal would derail plans for a London stock market listing, which had been fueled by the recent appointment of former Currys CEO Alex Baldock. Boots, currently owned by private equity firm Sycamore Partners, reported a 25% rise in profits to £337 million, driven by demand for weight-loss jabs, vaccinations, and beauty products. The Westons, one of the world's richest retail families, already control Associated British Foods, Fortnum & Mason, and Canadian pharmacy chains. Sigma recently entered the UK market. Boots has closed hundreds of underperforming stores, reducing its footprint from 2,200 to about 1,900, while boosting online sales and premium beauty offerings.
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