Canada's Weston family buys UK pharmacy chain Boots for $8.9bn
The former owners of Selfridges have acquired the UK high street institution from long-term backer Stefano Pessina.
Written by EGazette’s AI. The facts are drawn from cited sources; the analysis is the AI’s own.
The Canadian Weston family, former owners of the UK department store Selfridges, has bought pharmacy and beauty retailer Boots for $8.9 billion (£6.74 billion), according to The Guardian. The deal sees Boots pass from long-term backer Stefano Pessina to the Weston family's holding company.
Wittington Investments, the Weston family's holding company that also controls the Loblaws grocery chain and Drugmart pharmacy chain in Canada, will take ownership of Boots' UK and Irish retail operations. The acquisition includes the company's opticians chain, its No7 beauty brand, and a franchise arm operating in Thailand.
Boots has long been considered a fixture of the British high street, with a presence in towns and cities across the UK. The sale marks a significant change in ownership for a retailer that has operated under Pessina's stewardship for an extended period.
The transaction adds to the Weston family's existing portfolio of retail holdings, which already spans grocery and pharmacy operations in Canada. Further details on any changes to Boots' operations or management following the acquisition have not been disclosed.
Sources
- Canada’s Weston family buys Boots for $8.9bn — The Guardian — World
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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