Weston Family Nears £7B Deal to Acquire Boots From Sycamore Partners

The Weston family, owners of Primark parent Associated British Foods, is in advanced talks to acquire UK pharmacy chain Boots from private equity owner Sycamore Partners for approximately £7 billion, with confirmation expected within days. Sycamore acquired Boots as part of its $24 billion purchase of Walgreens Boots Alliance in 2025, later separating the chain into a standalone business. Italian billionaire Stefano Pessina, who helped take Boots private in 2007, retained a stake in the spinoff. Talks stalled this summer amid economic turbulence, but a deal could close as soon as the week of October 5, 2026. Sycamore had also explored a London listing and held discussions with Australia's Sigma Healthcare. The Canadian branch of the Weston family owns supermarket chain Loblaw, while the UK arm controls Fortnum & Mason and Associated British Foods. The family is separately exploring a demerger and London listing of Primark.