Boots, the High Street pharmacy and retail chain, has been sold in an $8.9bn (£6.7bn) deal to the holding company of Canada’s billionaire Weston family.
Wittington Investments confirmed it had agreed to buy Boots on Wednesday from US private equity firm Sycamore Partners.
Sycamore had only owned the retailer for 18 months.
The deal covers Boots’ retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company and its Thailand and franchised businesses.
Galen Weston, chairman of Wittington – who will become chairman of Boots, said the firm played “a vital role in everyday life across the UK and Ireland.”
“We see a meaningful opportunity to make a great business even better through stable long-term ownership,” he added.
The deal is expected to be completed in early 2027.