The Boots offices in Citywest. The retailer's UK and Irish operations are being acquired by Canada's Weston family in a
€7.9bn deal
Boots sold in €7.9bn takeover by Canadian Weston family
BOOTS, with Irish offices in Citywest, has been sold to Canada’s Weston family in a deal worth $8.9 billion US dollars, or €7.9bn.
The holding company of the Weston family, Wittington Investments has entered into a definitive agreement with The Boots Group to acquire Boots and its associated businesses, which are majority owned by Sycamore Partners, in partnership with Stefano Pessina and his family.
Wittington will acquire Boots’ retail operations in the UK and Ireland; Boots Opticians; and No7 Beauty Company, which includes locations at The Square Shopping Centre in Tallaght, Long Mile Retail Centre in Walkinstown and The Mill Centre in Clondalkin.
Chief Executive Officer of Boots Alex Baldock stated that he looks forward to “building a world class Boots” for all involved.
The Boots CEO 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.”
The Weston group brings deep expertise developed over decades across retail, pharmacy and beauty, anchored by owning and operating Canada’s leading businesses in these sectors.
Loblaw Companies Limited is one of North America’s most successful retail enterprises with 2,800 locations, owns Shoppers Drug Mart, Canada’s largest pharmacy, health and beauty business.
Fairfax Financial Holdings Limited, a Toronto-based holding company, is partnering with Wittington on the acquisition, with Wittington having operational control upon close.
Chairman of Wittington Galen Weston will become Chairman of Boots upon closing of the deal.
Chairman Weston 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 the renewed operating focus required to serve customers with excellence for generations to come.”
