LONDON, U.K.: British retailer Boots is discussing a potential $10 billion (£7.5 billion) sale with prospective buyers, a move that could replace plans for a London stock market listing, the Financial Times reported, citing people familiar with the matter.

According to the report, Boots is in talks with the billionaire Weston family and Australian pharmacy group Sigma Healthcare over a transaction that would see the health and beauty chain abandon plans for an initial public offering.

Private equity firm Sycamore Partners, which acquired Boots last year through its $10 billion takeover of parent company Walgreens Boots Alliance, began discussions with potential strategic buyers before Easter, the report said.

Negotiations have advanced with the Canadian branch of the Weston family, which holds interests in grocery retailer Loblaws and pharmacy chain Shoppers Drug Mart through Wittington Investments.

In April, it was reported that Boots' owners were working with consultants on a strategic review ahead of a possible London IPO as early as 2027. The review also included the option of a sale.

Boots operates more than 1,800 stores across Britain, providing pharmacy services, health products and beauty brands, including Soap & Glory. The company is also a major provider of National Health Service-funded pharmacy services.

Sycamore declined to comment on the Financial Times report.

Boots and Sigma Healthcare did not immediately respond to requests for comment, while Wittington Investments could not immediately be reached for comment.