Under the terms of the agreement, which were announced on Wednesday, Canadian company Wittington Investments Limited, the holding company of the Weston family, will also acquire Boots Opticians and its No7 Beauty Company as well as its acquired debt.
Over 51,000 people work at Boots’ stores and associated brands across the UK and Ireland – with the company being founded in 1849.
Galen Weston, the chairman of Wittington, who will assume the same position at Boots when the deal closes, said he had “great respect for Boots’ legacy and leading market position”.
He added that: “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.”
The Weston group already owns Canada’s largest pharmacy, health and beauty business, Shoppers Drug Mart, through Loblaw Companies Limited.
Alex Baldock, the chief executive of Boots, said: “For all of our social impact and commercial success to date, the opportunity ahead is even greater.”
Fairfax Financial Holdings Limited, a Toronto-based holding company, is partnering with Wittington on the acquisition, though the latter will have operational control of the business.
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.
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