Wittington Investments, the Weston family holding company, agreed on Oct 7 to buy Boots from Sycamore Partners in a deal worth about US$8.9bn (roughly GBP6.7bn) including debt.
Why Wittington Investments (Weston family) is buying Boots
The Westons already control Loblaw, which owns Canadian pharmacy chain Shoppers Drug Mart, giving them deep pharmacy retail experience.
Deal terms and financing
The perimeter includes Boots' UK and Ireland retail and pharmacy stores, Boots Opticians, No7 Beauty Company and the Thailand and franchise businesses.
Market context
Sycamore acquired Boots through its take-private of Walgreens Boots Alliance and has been breaking the group into standalone businesses. The sale ends speculation of a London IPO for Boots. The Canadian Westons are separate from the British branch that controls Primark owner ABF.
Sources
