High Street pharmacy and retail chain Boots has been sold to Canada’s billionaire Weston family for $8.9 billion (£6.7 billion), confirming media reports last week.

In a statement released on Wednesday, the Weston family’s holding company, Wittington Investments, announced that it has entered into a definitive agreement with current owner Sycamore Partners to acquire Boots and its associated businesses.

The deal includes Boots’s retail operations in the UK and Ireland, its opticians, its No7 Beauty line and its Thai and franchised businesses.

The British arm of the Weston family owns or holds a significant stake in businesses including Fortnum & Mason and Associated British Foods. The largest portion of the family’s money is in Canada, where it owns the Loblaws supermarket chain and pharmacy chain Shoppers Drug Mart, both among the largest in the country.

Sycamore Partners acquired Boots less than a year and a half ago after purchasing its parent company, Walgreens Boots Alliance, and had previously pursued a range of options for the brand, including an initial public offering.

The deal is expected to be completed in the first quarter of 2027.

Alex Baldock, Boots’s recently-appointed chief executive officer, said: “Boots matters. Every day, our colleagues give millions of people longer, healthier and happier lives. Those customers and patients trust in Boots' unmatched authority, capability and leadership across health, wellness and beauty. I've seen enough already of our colleagues’ passion and expertise to understand why they do.

“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.”

Baldock joined Boots in September after eight years heading up electronics chain Currys, where he oversaw a turnaround that improved profitability and strengthened its cash generation.

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