The Canadian branch of the billionaire Weston family is reportedly close to acquiring Boots, the UK health and beauty retailer, in a deal valued at approximately £7 billion. The potential transaction comes nearly a year after private equity firm Sycamore Partners acquired the boot’s parent company, Walgreens Boots Alliance, and is expected to be finalized as early as next week.

Sycamore Partners purchased Walgreens Boots Alliance in a $10 billion deal last year, subsequently separating Boots Group as an independent business. This newly formed entity includes Boots stores across the UK and Ireland, Boots Opticians, the No7 Beauty Company, and pharmacies operating in Thailand, Mexico, and Germany. Sycamore had initiated a formal search for buyers earlier in 2026 following its restructuring, with Australian pharmacy firm Sigma Healthcare having withdrawn from takeover talks over the summer.

The Weston family, known for their Canadian operations including the grocery chain Loblaws and pharmacy chain Shoppers Drug Mart under Wittington Investments, previously owned the Selfridges department store chain in the UK until its £4 billion sale in 2022. The British arm of the Weston business owns Associated British Foods, which includes fashion retailer Primark as well as the Fortnum & Mason department store and brands such as Twinings and Ryvita. This acquisition would mark the family’s return to UK retail.

Boots has seen recent financial improvements, with annual sales rising 3.2% to about £7.5 billion and a 25% increase in pre-tax profits to £337 million for the year ending August 2025. The company, founded in 1849 in Nottingham, benefits from strong demand for beauty products and an increase in prescriptions for GLP-1 weight-loss drugs. The retailer operates approximately 1,800 stores in the UK and employs 51,000 staff.

Speculation over the retailer’s future had included the possibility of an initial public offering (IPO) on the London Stock Exchange, especially after Alex Baldock, the former head of Currys, was appointed chief executive in September 2026. However, sources indicate that the Westons’ bid has become the leading route, effectively shelving IPO plans. Market analysts have noted that a sale would be a setback for the London Stock Exchange, which has been seeking high-profile listings to attract retail investors.

Boots has faced increased competition in the beauty sector, notably following Marks & Spencer’s announcement that Sephora would open multiple concessions within its stores. Neither Boots nor the Weston family have issued public comments regarding the ongoing negotiations. The deal, if completed, would mark a significant shift in ownership for one of the UK’s most familiar high street brands.