Boots Split from US Parent, Hopes for London Stock Market Listing

Boots has been spun off from its US parent, Walgreens Boots Alliance, by buyout group Sycamore Partners. The new business, The Boots Group, will be based in the UK and include Boots' UK and Irish chains, opticians, and No7 Beauty company. Sycamore's boss, Stefan Kaluzny, said the new group will be free to invest and grow more aggressively. Pressure is now on ministers and City executives to persuade Sycamore to list Boots on the London stock market through an initial public offering.

Boots has been spun off from its US parent, Walgreens Boots Alliance (WBA), following a $10 billion acquisition by buyout group Sycamore Partners. The new entity, The Boots Group, will be based in the UK and include Boots' UK and Irish chains, opticians, and No7 Beauty company. The spin-off is part of Sycamore's broader strategy to transform and grow the business more aggressively [2].

Sycamore Partners, led by Stefan Kaluzny, has expressed confidence in the new group's ability to thrive independently. "The Boots Group will be free to invest and grow more aggressively," Kaluzny stated. The new business will operate in the UK, Ireland, Thailand, Mexico, and Germany, with a focus on consolidating its retail footprint and accelerating growth in both domestic and international markets [2].

The separation of Boots from WBA is expected to allow the new group to pursue its transformation strategy more effectively. The Boots Group will be led by Ornella Barra, who previously served as the chief operating officer of WBA’s international business. Italian billionaire Stefano Pessina and his family will retain a minority stake in the new entity [2].

Pressure is now on ministers and City executives to persuade Sycamore to list Boots on the London stock market through an initial public offering (IPO). This move could provide significant liquidity for Sycamore and potentially attract more investors to the UK market [2].

The spin-off marks a new chapter for Boots, which traces its roots back to 1849 and merged with Walgreens in 2014. Under Sycamore’s ownership, the group is expected to accelerate growth in both domestic and international markets. The new group will be headquartered in the UK, with a focus on consolidating its retail footprint and accelerating growth in both domestic and international markets [2].

References:
[1] https://www.gurufocus.com/news/3078186/sycamore-partners-nears-completion-of-walgreens-boots-alliance-wba-acquisition
[2] https://www.morningstar.com/news/business-wire/20250827891313/sycamore-partners-completes-acquisition-of-walgreens-boots-alliance
[3] https://www.standard.co.uk/business/business-news/boots-thailand-germany-mexico-ireland-b1244891.html