The Weston family, which controls Shoppers Drug Mart, is said to be in talks to buy Boots for US$9 billion including debt through its investment arm, Wittington Investments. Boots is currently owned by private equity firm Sycamore Partners. The companies have not yet commented publicly on the potential for a merger. (The Wall Street Journal, Financial Times)

Talking point: The mid-market pharmacy, which represents about 30 per cent of the U.K. beauty and wellness market, would give the Canadian branch of the Weston family a renewed brick-and-mortar footprint after it sold department store Selfridges in 2021. In addition to Canada-based Loblaws, the Weston family also founded Associated British Foods, which has a long history of acquiring and investing in British consumer brands like Twinings and Primark. London bankers had hoped Boots could be spun out as a candidate for an initial public offering, according to the Financial Times. Sycamore Partners also owns Canadian hardware-store chain Rona.

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