The Canadian Weston family has acquired Boots, the UK pharmacy and beauty retailer, for $8.9bn (£6.74bn), according to The Guardian. The purchase marks a significant ownership change for the 176-year-old high street institution.
Wittington Investments, the holding company of the Weston family, completed the acquisition from Stefano Pessina, Boots' long-term financial backer. The Weston family previously owned Selfridges department store.
The deal covers Boots' UK and Irish retail operations, its opticians chain, the No7 beauty brand and a franchise arm in Thailand. The Weston family controls Loblaws, Canada's major grocery chain, and the Drugmart pharmacy chain in Canada.
The transaction represents a major consolidation in pharmacy and beauty retail ownership. Pessina had held a controlling stake in Boots for years as the company navigated shifting consumer habits in physical retail and competition from online pharmacies and beauty retailers.