Canada’s Weston family swoops for Boots in £6.7 billion deal

Boots is to be bought by the Canadian branch of the billionaire Weston family for £6.7 billion.

Wittington Investments, the Weston’s holding company, will buy the high street retailer from private equity firm Sycamore Partners and the Pessina family.

The deal – mooted last week – comes just a year after Sycamore took over Boots through the acquisition of parent firm Walgreens Boots Alliance, before splitting the business into divisions.

Boots, which was founded in Nottingham in 1849, has more than 1800 UK stores.

The deal – subject to regulatory approvals – is expected to close early next year.

The takeover will see Wittington buy Boots’ retail and pharmacy operations in the UK and Ireland, Boots Opticians, the No7 Beauty Company and its Thailand and franchise businesses.

Wittington is partnering with Toronto-based Fairfax Financial Holdings on the deal.

Galen Weston, chair of Wittington – who will become chair of Boots, said: “Boots 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.

“We see a meaningful opportunity to make a great business even better.”

Alex Baldock, Boots chief executive, added: “For all our social impact and commercial success, the opportunity ahead is even greater.

“I look forward to making the most of that opportunity and building a world-class Boots.”

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