Early-stage talks involve Canadian and Australian bidders as Sycamore evaluates options for the Walgreens Boots Alliance unit.
Private equity firm Sycamore Partners is considering a $10bn sale of UK health and beauty retailer Boots, with preliminary interest from Canada’s Weston family and Australian healthcare group Sigma Healthcare. Sigma confirmed its involvement in early discussions, following its recent UK market entry through a joint venture operating 22 London pharmacies.
Sycamore acquired Boots as part of its $23.7bn purchase of Walgreens Boots Alliance last year, later restructuring the business into five separate units. The Weston family, which sold UK department store Selfridges for £4bn in 2022, is pursuing the deal via Wittington Investments, owner of Canadian pharmacy chain Shoppers Drug Mart.
Sources indicate talks began earlier this year but remain at an early stage, with no final decision made. The Stefano Pessina family retains a 44% stake in the restructured businesses, which could influence the sale process.