The agreement follows several months of negotiations between Wittington and Sycamore. Talks advanced significantly before reportedly stalling earlier this year amid broader economic uncertainty, then moved toward an agreement.
The acquisition also marks a return to British retail for the Weston family, which sold Selfridges for about £4bn in 2022. Through Wittington, the family controls Canadian supermarket group Loblaw and pharmacy chain Shoppers Drug Mart, giving it substantial experience operating large-scale grocery and healthcare businesses.
Boots’ sale closes off one potential route for Sycamore to realise its investment: a return to the London stock market. The private equity owner had considered an initial public offering after separating Boots from Walgreens’ US operations.
Australian pharmacy group Sigma Healthcare had also held takeover discussions before withdrawing from the process during the summer.
The Weston family’s latest acquisition comes as Boots has been reporting improving financial performance. Its latest accounts showed revenue increasing 3.2 per cent to £7.5bn, while pre-tax profit rose 25 per cent to £337m.
The stronger trading performance gives the new owner a platform to pursue its plans for further investment, while also placing the transaction against a wider shift in ownership across Britain’s high street.
The deal also ends an earlier attempt by the Weston family to acquire Boots, after the family rejected a previous offer when it reduced its proposed bid for the retailer.
Stefano Pessina, the Italian billionaire and Walgreens Boots Alliance boss, and his wife Ornella Barra continued to own a 44 per cent stake in Boots.
Pessina said the sale represented the end of a long association with the retailer.
“Boots is an iconic brand and a British institution. It has been one of the privileges of my and Ornella’s life to have been so closely associated with Boots over the last 20 years.
“We are delighted to be passing on a thriving Boots to strong and reliable owners who understand the value of its great heritage.
“Our best wishes go with them as they lead Boots into its next chapter, and our sincere thanks go to all on the Boots’ team who helped us deliver so much over the past 20 years!”
For Boots, the transaction represents another significant change in ownership within a short period. For Wittington, it is a sizeable bet on the enduring value of British pharmacy and high-street retail under patient, long-term ownership.
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