Canada’s Weston family buys Boots for $8.9bn
Summary
The Canadian Weston family, through their company Wittington Investments, has bought the UK pharmacy and beauty chain Boots for $8.9 billion. The deal includes Boots’ stores in the UK and Ireland, its opticians, the No7 beauty brand, and its franchise business in Thailand. The purchase is expected to finish in early 2027 after regulatory approval.Key Facts
- The Weston family owns Wittington Investments, which controls Canadian grocery and pharmacy chains.
- Boots has 1,800 stores in the UK and employs 50,000 people.
- The investment firm Fairfax is helping back the purchase.
- Stefano Pessina, Boots’ previous owner, is selling his stake but will keep some Boots businesses in Mexico and Germany.
- Walgreens had planned to sell Boots earlier but stopped after potential buyers struggled to fund the deal.
- The Weston family previously owned Selfridges in the UK but sold it for £4 billion in 2022.
- The deal is subject to regulatory approval and is expected to close in the first quarter of 2027.
- The Weston family’s UK branch owns a majority stake in Primark through Associated British Foods.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
