Billionaire Weston family to buy Boots for $8.9bn
Summarised from 8 outlets · 10 reports · Updated 7 Oct, 15:44 · Archive
Canada's billionaire Weston family has agreed to buy Boots from private equity firm Sycamore Partners for $8.9bn (£6.7bn). Wittington Investments, the holding company for the Weston family's Canadian operations, confirmed the deal on Wednesday. The announcement ended months of speculation about whether Boots, one of Britain's largest high street retailers, could return to the London Stock Exchange.
The acquisition covers Boots' retail and pharmacy operations in the UK and Ireland, Boots Opticians, the No7 Beauty Company, and its Thailand and franchised businesses. The chain operates more than 1,800 stores across the UK. Sycamore Partners had only owned Boots for approximately eighteen months, having acquired it through the purchase of parent company Walgreens Boots Alliance before dividing the business into separate divisions.
Galen Weston, chairman of Wittington and who will become chairman 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.' He added: '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.'
Alex Baldock, who took on the role of chief executive of Boots just last month, said the opportunity ahead was even greater than the company's current social impact and commercial success, and that he looked forward to 'building a world class Boots for our colleagues, customers, patients, and communities'.
The Weston family is also partnering with Toronto-based Fairfax Financial Holdings on the deal, with Wittington maintaining operational control. The Canadian branch of the Weston family already owns grocery chain Loblaws and pharmacy retailer Shoppers Drug Mart. The move marks a return to UK retail for the family after they sold luxury department store Selfridges for £4bn in 2022.
The British side of the Weston family maintains majority ownership of Primark through parent company Associated British Foods, which also owns grocery brands including Twinings and Ryvita. The broader Weston family was ranked fifth on this year's Sunday Times Rich List with a combined fortune of approximately £19bn.
Stefano Pessina and his family, who previously grew Boots into a worldwide retail empire, will retain their stakes in Mexican drugstore chain Farmacias Benavides and pharma group Alliance Healthcare Deutschland. The deal is expected to complete in early 2027.
How it is being reported
- Canada’s Weston family buys Boots for $8.9bnFormer Selfridges owners buys UK high street institution from long-term backer Stefano Pessina The Canadian family that once owned Selfridges department store has bought UK pharmacy and beauty retailer Boots for $8.9bn (£6.74bn). Wittington Investments, the holding company of the Weston family that controls the Loblaws grocery chain and Drugmart pharmacy chain in Canada, will own Boots’ UK and Irish retail operations and opticians chain, the No7 beauty brand and a franchise arm in Thailand. Continue reading...The Guardian · 7 Oct, 16:12
- Boots to be bought by Canada’s Weston family for £6.7bnThe deal includes Boots’ retail operations in the UK and Ireland, Boots Opticians, the No7 Beauty Company, and its Thailand and franchise arm.Evening Standard · 7 Oct, 15:25
- Boots to be bought by billionaire Weston family's company for £6.7 billionWe'll be bringing you the very latest updates, pictures and video on this breaking news story.The Mirror · 7 Oct, 15:21
- Boots sold to Canada's Weston family in £6.7 billion takeover dealThe landmark agreement was announced on Wednesday afternoonThe Independent · 7 Oct, 15:19
- £6.7bn deal announced to buy Boots' 1,800 UK and Ireland storesA deal has been announced which would see the £6.7bn sale of the 1,800 Boots stores across the UK and Ireland.Sky News · 7 Oct, 15:16
- Boots sold in £7bn deal to Canadian billionaire familyThe sale of the High Street chain was announced on Wednesday.BBC News · 7 Oct, 15:10
- Boots to be bought by Canada’s Weston family for £6.7bnThe deal includes Boots’ retail operations in the UK and Ireland, Boots Opticians, the No7 Beauty Company, and its Thailand and franchise arm.Independent Business · 7 Oct, 14:59
- Boots to be bought by Canada’s Weston family for £6.7bnThe deal includes Boots’ retail operations in the UK and Ireland, Boots Opticians, the No7 Beauty Company, and its Thailand and franchise arm.Evening Standard · 7 Oct, 14:59
- Boots bought by Canada's billionaire Weston family for £6.7bnBoots confirmed it will be bought by Canada's billionaire Weston family from Sycamore Partners and the Pessina family for £6.7billion.This is Money · 7 Oct, 14:45
- Billionaire Weston family buys Boots for $9bnThe billionaire Weston family has struck a deal to buy Boots for $8.9bn, scuppering hopes that the high street giant could return to the London Stock Exchange. Wittington Investments, the company representing the Westons’ Canadian operations, said on Wednesday it will buy Boots from its private equity owners, Sycamore Partners. Alex Baldock, chief executive of [...]City AM · 7 Oct, 14:37
In this story: Weston family · Boots · Sycamore Partners · Wittington Investments · Galen Weston · Alex Baldock · Stefano Pessina · United Kingdom
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