Boots sold in £7bn deal to Canadian billionaire family
The sale of the High Street chain was announced on Wednesday.
Boots sold in £7bn deal to Canadian billionaire family
Boots, the High Street pharmacy and retail chain, has been sold in an $8.9bn (£6.7bn) deal to the holding company of Canada's billionaire Weston family.
Wittington Investments said on Wednesday that it had agreed to acquire Boots from US private equity firm Sycamore Partners.
Sycamore had owned the retailer for just 18 months after taking control from Boots' previous owner.
The transaction includes Boots' retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company, and its Thailand and franchised businesses.
Galen Weston, chairman of Wittington, said the company played "a vital role in everyday life across the UK and Ireland".
The deal is expected to be completed early next year.
Boots has struggled in recent years with rising debt and shifting shopping habits, which have led more people to buy cheaper products online.
Its ownership has also been uncertain.
But Weston, who will become chairman of Boots, indicated that this owner had different intentions.
"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," he said.