Boots sold in £7bn deal to Canadian billionaire family
Boots, the UK pharmacy and retail chain, has been sold to Canada’s billionaire Weston family for $8.9bn (£6.7bn). The deal gives the family control of the business.
The chain has about 1,800 UK branches and employs 51,000 people. It has closed hundreds of stores but has continued to perform well amid competition and changing shopping habits.
The incoming chairman, Weston, indicated that the new owners intend to upgrade shops and broaden healthcare services. The plans point to a focus on both the chain’s retail offer and pharmacy role.
Boots began in Nottingham in 1849, when John Boot opened a herbalist shop offering lower-cost alternatives to traditional medicines. The Westons also own Canadian grocer Loblaws and pharmacy chain Shoppers Drug Mart, and previously owned Selfridges.
Sycamore Partners, Stefano Pessina and his family will keep the Boots Group’s businesses in Mexico and Germany. The article does not give a timetable for the planned changes to Boots.
Key points
- The Weston family bought Boots for $8.9bn (£6.7bn).
- Boots has about 1,800 UK shops and 51,000 employees.
- New owners have signalled store upgrades and expanded healthcare services.