The Canadian arm of the billionaire Weston family is in advanced talks to purchase the UK pharmacy chain Boots for £7bn. The family, which is behind brands including Primark, is negotiating with Boots' current private equity owners, Sycamore Partners.
Discussions are ongoing, according to a person familiar with the matter. A deal is reportedly expected to be reached as soon as next week, as first reported by the Wall Street Journal.
This potential acquisition would end previous hopes for a London IPO for Boots. Sycamore Partners had considered a London listing after buying Boots for £18bn last year.
The Weston family previously had an offer for Boots rejected after reducing their bid. The Canadian branch of the family sold Selfridges in 2022 for £4bn.