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The Canadian branch of the Weston family has today (October 7) confirmed it has “entered into a definitive agreement” to acquire Boots and “associated businesses” from Sycamore Partners, with Galen Weston to take over as Boots chairman.

The Boots Group businesses were sold for $8.9bn (£6.74bn) including assumed debt.

Wittington Investments, the holding company of the Weston family, will acquire Boots’ retail operations in the UK and Ireland, as well as Boots Opticians, the No7 Beauty Company and the chain’s Thailand stores.

The family partnered with Toronto holding company Fairfax Financial Holdings. Wittington Investments will have operational control of the business when the deal concludes, which is expected to take place in the first quarter of 2027 following regulatory approval.

Sycamore Partners, along with Boots Group chairperson Stefano Pessina – who described his decades-long relationship with the UK multiple as “one of the privileges” of his life – will continue to own other interests of the Boots Group, namely Mexican pharmacy chain Farmacias Benavides and distributor Alliance Healthcare Deutschland.

The Weston group owns retail, pharmacy and beauty businesses in North America, including supermarket chain Loblaws and pharmacy group Shoppers Drug Mart. The family owned Selfridges from 2003 to 2021.

Boots CEO Alex Baldock said: "Boots matters. Every day, our colleagues give millions of people longer, healthier and happier lives. Those customers and patients trust in Boots’ unmatched authority, capability and leadership across health, wellness and beauty. I’ve seen enough already of our colleagues' passion and expertise to understand why they do.

“For all of our social impact and commercial success to-date, the opportunity ahead is even greater. I look forward to making the most of that opportunity and building a world class Boots for our colleagues, customers, patients, and communities.”

Wittington said it “plans to continue to invest to build on Boots’ strengths and potential, including upgrading stores, optimising the online experience and supporting the expansion of healthcare services available to customers”.

“Boots is one of Britain’s most enduring businesses, with a rich heritage, a trusted name and a vital role in everyday life across the UK and Ireland,” said Galen Weston

“We have great respect for Boots’ legacy and leading market position. 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."

Prem Watsa, chairman and CEO at Fairfax, said: “For many years, the Westons have grown and developed some of the most successful retail brands in Canada, including in pharmacy and beauty, and we are very confident that Wittington will be an excellent steward of the Boots business and a terrific partner to Fairfax.”

Sycamore Partners managing director Stefan Kaluzny said: “One year ago, we re-established Boots as a standalone company, allowing its management team and more than 50,000 colleagues to focus solely on their business and customers.

“This transaction is a testament to the work they have done and the incredibly bright future ahead.”