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(Sharecast News) - Canada's billionaire Weston family has agreed to buy The Boots Group from US private equity firm Sycamore Partners for $8.9bn (£6.7bn).
Wittington Investments, the Westons' private holding company, said in a statement that it had partnered with Fairfax Holdings on the deal, which includes the Boots retail operations in the UK and Ireland, the Boots Opticians business, the No7 Beauty Company, and Boots' Thailand and franchised businesses.
Wittington chairman Galen Weston - who will become chairman of Boots - said: "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. 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 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."
The deal does not include The Boots Group's other interests in Farmacias Benavides and Alliance Healthcare Deutschland, which will be retained by their current owner.
The transaction is expected to complete in the first quarter of next year.
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