Wittington Investments, the holding company of Canada's Weston family, has bought UK high street institution Boots for $8.9bn (£6.74bn) from long-term backer Stefano Pessina.
Key facts
- The Weston family's Wittington Investments has bought Boots for $8.9bn (£6.74bn).
- The seller is Boots' long-term backer Stefano Pessina.
- The deal covers Boots' UK and Irish retail operations, opticians chain, the No7 beauty brand and a franchise arm in Thailand.
- The Weston family previously owned Selfridges and controls Canada's Loblaws grocery chain and Drugmart pharmacy chain.
The Canadian family that once owned the Selfridges department store has agreed to buy UK pharmacy and beauty retailer Boots for $8.9bn (£6.74bn), according to the Guardian. The deal places one of Britain’s best-known high street institutions under new ownership.
The buyer is Wittington Investments, the holding company of the Weston family. The family controls the Loblaws grocery chain and the Drugmart pharmacy chain in Canada, giving it existing experience in both retail and pharmacy operations.
Under the agreement, the Weston family will own Boots’ UK and Irish retail operations as well as its opticians chain. The purchase also includes the No7 beauty brand and a franchise arm in Thailand.
The sale comes from Boots’ long-term backer Stefano Pessina, who has been associated with the retailer for years. The transaction marks a change in control for a company that has become a familiar presence on British high streets.
For the Weston family, the acquisition follows its previous ownership of Selfridges, reflecting a continued interest in UK retail. The Guardian reported the value of the deal at $8.9bn, equivalent to £6.74bn.
Why it matters
Boots is one of the UK's most recognisable high street retailers, so a change of ownership affects shoppers, employees and the wider retail sector. The deal signals continued international interest in British retail assets and places a major pharmacy and beauty chain under a family with significant experience running grocery and pharmacy businesses in Canada.
Frequently asked questions
Who has bought Boots?
Wittington Investments, the holding company of Canada's Weston family, has bought Boots, according to the Guardian.
How much did the Boots deal cost?
The Weston family paid $8.9bn (£6.74bn) for Boots.
What parts of Boots are included in the sale?
The deal covers Boots' UK and Irish retail operations, its opticians chain, the No7 beauty brand and a franchise arm in Thailand.