June 9 (Reuters) – Boots is in talks with the billionaire Weston family and Australian pharmacy group Sigma Healthcare over a $10 billion (£7.5 billion) sale that would see the British health and beauty retailer scrap its plans for a London IPO, the Financial Times reported on Tuesday, citing people familiar with the matter.
Here are some details:
• Private equity firm Sycamore Partners, which took control of Boots last year through the $10 billion acquisition of its parent Walgreens Boots Alliance, entered into discussions with potential strategic buyers before Easter, the report said.
• Negotiations have progressed with the Canadian branch of the Weston family, which holds stakes in grocery chain Loblaws and pharmacy chain Shoppers Drug Mart through its Wittington Investments.
• In April, Reuters reported that the Boots’ owners are working with consultants on a strategy overhaul ahead of a potential London IPO as soon as 2027, which also included the possibility of a sale.
• Boots operates more than 1,800 stores across Britain, offering pharmacy services, health products and beauty brands including Soap & Glory. It is also a major provider of National Health Service-funded pharmacy services.
• Sycamore declined to comment on the report, while Boots and Sigma Healthcare did not immediately respond to a Reuters request for comment. Wittington Investments could not be immediately reached for comment.
(Reporting by Unnamalai L and Akshaya V in Bengaluru; Editing by Sahal Muhammed)
Comments