This article first appeared on GuruFocus .
Sycamore Partners may be preparing for a much faster exit from Boots than investors previously expected. The private equity firm, which took control of Boots through its acquisition of Walgreens Boots Alliance ( WBA ) last year, has reportedly opened talks with potential strategic buyers, including the billionaire Weston family and Australia's Sigma Healthcare ( NYSE:SIG ), over a possible $10 billion sale of the UK health and beauty retailer.
The key point is that a sale could replace the London IPO path. According to the Financial Times, discussions began before Easter, while representatives for Boots and Sycamore declined to comment. The Weston family already has exposure to grocery and pharmacy through Loblaws and Shoppers Drug Mart, while Sigma combined with Chemist Warehouse Group last year, making Boots a potentially strategic asset rather than just another retail deal.
Boots is not coming to market from a weak position. Its latest accounts showed UK comparable retail sales rose almost 6% last year, helped by beauty growth and more than 50 new beauty brand launches during the year to August 2025. Pharmacy sales rose 5%, with vaccinations and weight-loss treatments among the most popular paid-for services, while the appointment of outgoing Currys ( CURYY ) boss Alex Baldock as CEO adds another layer of timing to what could become one of the UK's largest retail transactions since 2021.
