Boots sold to former Selfridge’s owner for £6,700,000,000

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

Wittington Investments, the family’s holding company, has agreed to buy the high street giant from majority owner Sycamore Partners and the Pessina family.

The deal comes just a year after Sycamore took control of Boots through its acquisition of parent company Walgreens Boots Alliance, before splitting the business into divisions.

Boots was founded in Nottingham in 1849 and now has more than 1,800 stores across the UK.

Under the takeover, Wittington will acquire Boots’ retail and pharmacy operations in the UK and Ireland, Boots Opticians, the No7 Beauty Company, as well as its Thailand and franchise businesses.

The Weston family owns Canadian grocery chain Loblaws and pharmacy business Shoppers Drug Mart through Wittington.

The family first held talks to buy Boots earlier this year after it was put up for sale.

The deal marks a return to UK retail for the family after it sold luxury department store group Selfridges for £4 billion in 2022.

The British side of the Weston family is also the majority owner of Primark through Associated British Foods, which owns brands including Twinings and Ryvita.

The wider Weston family was ranked fifth on this year’s Sunday Times Rich List, with a combined fortune of almost £19 billion.

Wittington said it is partnering with Toronto-based Fairfax Financial Holdings on the Boots deal, with Wittington retaining operational control.

Fairfax’s investments include Sleep Country, Canada’s largest mattress retailer and owner of UK brand Simba Sleep.

Galen Weston, chairman of Wittington and the incoming chairman of Boots, said the company had a ‘meaningful opportunity to make a great business even better’.

He said this would be achieved through ‘stable long-term ownership, further capital investment’ and a renewed focus on serving customers.

Boots chief executive Alex Baldock said the company’s customers and patients ‘trust in Boots’ unmatched authority, capability and leadership across health, wellness and beauty’.

He added: ‘The opportunity ahead is even greater.’

The deal is expected to complete in the first quarter of 2027, subject to regulatory approval.