The Canadian Weston family has agreed an $8.9bn (\u00a36.8bn) deal to acquire Boots, bringing the British pharmacy and beauty chain under new long-term ownership.<\/p>\n
Wittington Investments, the holding company of the Weston family, has agreed to buy Boots\u2019 UK and Irish retail operations, Boots Opticians, No7 Beauty Company and its Thailand and franchised businesses.<\/p>\n
The deal includes assumed debt and will see Wittington take operational control of Boots, with Canadian investment group Fairfax Financial Holdings partnering on the acquisition.<\/p>\n
The transaction is expected to complete in the first quarter of 2027, subject to regulatory approvals and other customary closing conditions.<\/p>\n
Boots has more than 50,000 colleagues and has been operating for more than 177 years. Its headquarters and a significant part of its operations remain in Nottingham, where the business was founded in 1849.<\/p>\n
Wittington is controlled by the Weston family, which has extensive interests in retail, pharmacy and beauty in Canada.<\/p>\n
Its portfolio includes Loblaw Companies, one of North America’s largest retail businesses, which operates around 2,800 locations and owns Shoppers Drug Mart, Canada’s largest pharmacy, health and beauty business.<\/p>\n
The Westons also previously owned Selfridges between 2003 and 2021, transforming the department store group during their ownership.<\/p>\n
Wittington said it plans to invest in Boots, including upgrading stores, improving its online offering and expanding healthcare services.<\/p>\n
Galen Weston, chairman of Wittington, will become chairman of Boots following completion of the deal.<\/p>\n
He said: \u201cBoots is one of Britain’s most enduring businesses, with a rich heritage, a trusted name and a vital role in everyday life across the UK and Ireland.<\/p>\n
\u201cWe have great respect for Boots’ legacy and leading market position. We see a meaningful opportunity to make a great business even better through stable long-term ownership, further capital investment, and the renewed operating focus required to serve customers with excellence for generations to come.\u201d<\/p>\n
Boots chief executive Alex Baldock said the business had a significant opportunity for further growth.<\/p>\n
\u201cBoots matters. Every day, our colleagues give millions of people longer, healthier and happier lives,\u201d he said.<\/p>\n
\u201cThose customers and patients trust in Boots’ unmatched authority, capability and leadership across health, wellness and beauty.\u201d<\/p>\n
The deal marks another change of ownership for Boots following its separation from Walgreens Boots Alliance last year.<\/p>\n
Sycamore Partners, which owns the majority of The Boots Group alongside Stefano Pessina and his family, will retain interests in Farmacias Benavides and Alliance Healthcare Deutschland.<\/p>\n
Stefano Pessina said the transaction represented the next chapter for a business with which he and his family had been closely associated for two decades.<\/p>\n
\u201cBoots is an iconic brand and a British institution,\u201d he said.<\/p>\n
\u201cWe are delighted to be passing on a thriving Boots to strong and reliable owners who understand the value of its great heritage.\u201d<\/p>\n
Fairfax chairman and chief executive Prem Watsa said the company was confident Wittington would be \u201can excellent steward\u201d of the Boots business.<\/p>\n
Fairfax has investments across the consumer retail sector, including Sleep Country, which owns UK mattress brand Simba Sleep, and Sporting Life Group.<\/p>\n
The transaction is subject to regulatory approval and other closing conditions.<\/p>\n","protected":false},"excerpt":{"rendered":"
Canadian owners of Loblaw and former Selfridges owners to take control of Boots<\/p>\n","protected":false},"author":25,"featured_media":2085487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57362],"coauthors":[95],"class_list":["post-2115626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-acquisitions","tag-nottinghamshire","tag-top-story"],"yoast_head":"\n