Weston family edges closer to £7bn deal for Boots

The billionaire family behind the Primark fashion chain is edging closer to acquiring Boots from its private equity owners, Sycamore Partners.

According to The Telegraph, a £7 billion deal for the pharmacy chain with the Weston family could be announced within days.

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The Telegraph has previously reported that the two sides have been in talks for months and that an earlier bid was rejected after the family’s offer was reduced.

The Canadian branch of the Weston family, which also controls the Loblaw supermarket chain in Canada, is involved in the talks.

Meanwhile, the UK branch of the family owns Fortnum & Mason and Primark parent company Associated British Foods.

Sycamore Partners acquired Walgreens Boots Alliance last year for $24 billion. The firm has also previously held talks with Sigma Healthcare about a Boots sale but the Australian pharmacy chain withdrew from the deal.

The Weston family is also considering demerging Primark from Associated British Foods with a separate listing on the London Stock Exchange.

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