Leading pharmacy and retail chain Boots has been sold for £6.7 billion in a deal with Wittington Investments, the holding company of Canada's billionaire Weston family.
Under the terms of the agreement, Wittington will acquire Boots' retail operations in the UK and Ireland; Boots Opticians; and No7 Beauty Company; and its Thailand and franchised businesses.
Wittington will partner with Toronto-based Fairfax Financial Holdings Limited on the acquisition, while retaining operational control.
Wittington Chairman Galen Weston will be taking over as Chairman of Boots.
Sycamore Partners, in partnership with Stefano Pessina and his family, will retain ownership of The Boots Group's other interests in Farmacias Benavides and Alliance Healthcare Deutschland.
The transaction is expected to complete during the first quarter of 2027, subject to necessary regulation approvals.
Sycamore had acquired Boots 18 months ago from its then parent Walgreens Boots Alliance for $10bn.
Established in Nottingham in 1849, Boots has faced challenges in recent years with growing debt and changing shopping habits resulting in more people buying online.
It has closed hundreds of branches across the UK, leaving it with about 1,800 currently and 51,000 employees.
Terming Boots as "one of Britain's most enduring businesses", Galen Weston said: "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.
"We are delighted to partner with Fairfax, which brings an extensive track record of long-term investing in leading retail brands, and shares our conviction in Boots' future."
Fairfax Chairman and Chief Executive Officer Prem Watsa said, "We are very pleased to partner with Galen Weston and the Wittington team to acquire Boots, a leading historic brand in the UK and Ireland."
The Weston group owns Canada's leading retail chain Loblaw and owns Shoppers Drug Mart, Canada's largest pharmacy, health and beauty business.
Wittington's longstanding connection to the UK includes its past ownership of Selfridges from 2003-2021.
