Home / Business and Economy / Weston Family Buys Boots Pharmacy for $8.9bn
Weston Family Buys Boots Pharmacy for $8.9bn
8 Oct
Summary
- Weston family's Wittington Investments acquired Boots for $8.9bn.
- The deal includes Boots UK, Ireland operations, and No7 beauty brand.
- Acquisition is backed by Fairfax and awaits regulatory approval.
The Weston family's Wittington Investments has finalized a $8.9 billion acquisition of Boots, a prominent UK pharmacy and beauty retailer. This deal encompasses Boots' UK and Irish retail footprint, its opticians chain, the well-known No7 beauty brand, and franchise operations in Thailand. The transaction is supported by investment firm Fairfax.
Galen Weston, set to chair Boots, expressed optimism about "stable long-term ownership" and further investment to enhance the business. This acquisition signifies the Weston family's return to the UK high street after selling Selfridges in 2022.
The deal sees the exit of Stefano Pessina, who had backed Boots since 2007. Pessina will retain ownership of Boots' Mexican and German pharmaceutical distribution interests. The transaction awaits regulatory approval and is expected to close in the first quarter of 2027.
Previous attempts to sell Boots, including a potential floatation in 2024 at a £7 billion valuation, did not materialize. Walgreens had initially sought up to £10 billion for the chain in 2022.
