BENGALURU/LONDON (Oct 7): The holding company of Canada's Weston family has agreed to buy British health and beauty retailer Boots from private equity firm Sycamore Partners and the Pessina family for US$8.9 billion (RM36.4 billion), including debt, it said on Wednesday.

Wittington Investments Ltd will acquire Boots' retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company and its Thailand and franchised businesses.

The Weston group owns Canadian grocer Loblaw and Shoppers Drug Mart, Canada's largest pharmacy, health and beauty business and previously owned London department store Selfridges from 2003 to 2021.

Wittington is partnering with Fairfax Financial Holdings, a Toronto-based holding company, on the deal, with Wittington having operational control.

It said its plans for Boots include investing in stores and online and expanding healthcare services.

Galen Weston, Wittington's chair, will become Boots' chair.

"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," he said.

"We see a meaningful opportunity to make a great business even better."

Sycamore, in partnership with Stefano Pessina and his family, will retain ownership of The Boots Group's other interests in Farmacias Benavides and Alliance Healthcare Deutschland.

Sycamore took Boots' then parent Walgreens Boots Alliance for US$10 billion last year.

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