Members of Canada’s Weston family are in advanced talks to buy British pharmacy chain Boots in a deal worth about £7 billion, according to reports published Thursday. The Wall Street Journal first reported the renewed talks, and London outlets City A.M. and the Evening Standard said an agreement could be reached as soon as next week.
The family is pursuing the acquisition through Wittington Investments, its private holding company, the Evening Standard reported. Retail Insight Network has described Wittington as the family’s holding vehicle for its interests in Loblaw and Shoppers Drug Mart.
The seller is U.S. private equity firm Sycamore Partners, which took control of Boots through its takeover of Walgreens Boots Alliance about a year ago. City A.M. reported that a person familiar with the matter confirmed discussions are ongoing. Boots declined to comment, and City A.M. said Sycamore had been contacted for comment.
The talks revive negotiations that stalled earlier this year. Retail Insight Network and The Grocer reported that discussions hit a standstill after the Westons lowered their offer, which followed Australian pharmacy group Sigma Healthcare’s exit from the process in June. City A.M. reported that Sycamore had also explored a London stock market listing for Boots before sale talks resumed. The chain has closed a number of U.K. stores amid economic pressure, according to City A.M.
No deal has been announced, and neither the Weston family nor Sycamore has publicly confirmed any terms. This is a developing story.
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Via City A.M. and the Evening Standard, citing The Wall Street Journal. Background from Retail Insight Network.
