Sycamore Partners Nears $9 Billion Sale of Boots

Sycamore Partners is nearing an agreement to sell the U.K. pharmacy chain Boots for approximately $9 billion, including debt. The private-equity firm is in discussions to sell the business to the Canadian arm of the Weston family, which manages a food-business empire.

If negotiations remain successful, the deal could be finalized in the coming weeks. The Boots unit comprises the former international operations of Walgreens, with locations in the United Kingdom, Thailand, Mexico, Germany, and China.

Sycamore Partners previously acquired Walgreens in 2025 for $24 billion including debt. Following that acquisition, the firm divided the company into five separate units to facilitate the sale of noncore operations, leading to the current negotiations for the Boots chain.