Boots sold in £7bn deal to Canadian billionaire family
The Canadian billionaire Weston family has agreed to buy the British pharmacy chain Boots from its Walgreens owner in a deal valued at $8.9 billion, or approximately £7 billion. The high street stalwart was sold by long-term backer Stefano Pessina. The transaction expands the retail empire of the Weston family, who are also behind Primark and the former owners of Selfridges. The sale was announced on Wednesday. Shoppers across the UK are now questioning what the change in ownership will mean for the prominent high street brand going forward.
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- ✓ Canada's Weston family has agreed to buy the UK pharmacy chain Boots.
- ✓ The transaction value is $8.9 billion, which is also cited as £7 billion or £6.7bn.
- ✓ The seller is the Walgreens owner, alongside long-term backer Stefano Pessina.
- ✓ The Weston family is behind Primark and previously owned Selfridges.
What changed
The Walgreens owner reached a formal agreement to sell the UK pharmacy chain Boots to Canada's Weston family for $8.9 billion.
Live updates
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Canadian Weston Family Buys Boots in Multi-Billion Deal
The Canadian billionaire Weston family has agreed to buy the British pharmacy chain Boots from its Walgreens owner in a deal valued at $8.9 billion, or approximately £7 billion. The high street stalwart was sold by long-term backer Stefano Pessina. The transaction expands the retail empire of the Weston family, who are also behind Primark and the former owners of Selfridges. The sale was announced on Wednesday. Shoppers across the UK are now questioning what the change in ownership will mean for the prominent high street brand going forward.
Why it matters
Boots represents a core fixture of the British High Street, making ownership shifts a matter of significant national retail interest. The acquisition brings the massive pharmacy network under the control of the Weston family, adding to their extensive retail holdings. The sale follows a period of long-term backing by Stefano Pessina.
What is confirmed
- Canada's Weston family has agreed to buy the UK pharmacy chain Boots.
- The transaction value is $8.9 billion, which is also cited as £7 billion or £6.7bn.
- The seller is the Walgreens owner, alongside long-term backer Stefano Pessina.
- The Weston family is behind Primark and previously owned Selfridges.
- The sale of the high street chain was announced on Wednesday.
What to watch next
- Regulatory approvals and finalization of the Boots acquisition by the Weston family
- Details on operational changes for Boots high street stores under the new ownership
confidence 100%Sources used for this update (12)
- BBC — Boots sold in £7bn deal to Canadian billionaire family
- Crain's Chicago Business — Walgreens owner sells Boots for $8.9 billion
- Bloomberg.com — Boots’ Pessina, the Ultimate Dealmaker, Still Has the Touch
- The Guardian — Canada’s Weston family buys Boots for $8.9bn
- Reuters — Canada's Weston family to buy UK's Boots in $8.9 billion deal
- WSJ — Canada’s Weston Family to Buy British Pharmacy Chain Boots for $8.9 Billion
- Chicago Tribune — Owner of Walgreens reaches deal to sell UK pharmacy chain Boots for $8.9 billion
- www.bbc.com — Boots sold in £7bn deal to Canadian billionaire family - BBC
- www.bbc.co.uk — Boots has a new owner: Three ways it could affect you - BBC News
- www.easterneye.biz — Weston Family Behind Primark Buys Boots for £6.7bn | EasternEye
- flipboard.com — Yellow Caravan Man makes return to Nottinghamshire yet again as he sets up camp
- www.theguardian.com — Canada’s Weston family buys Boots for $8.9bn - The Guardian
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