Billionaire Weston family buys Boots for $9bn

The billionaire Weston family has struck a deal to buy Boots for $8.9bn, scuppering hopes that the high street giant could return to the London Stock Exchange. 

Wittington Investments, the company representing the Westons’ Canadian operations, said on Wednesday it will buy Boots from its private equity owners, Sycamore Partners.

Alex Baldock, chief executive of Boots, said: “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.”

Galen Weston, who is the chair of Wittington and will become Boots chairman, said: “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.”