Canada's Weston family buys pharmacy chain Boots for $8.9 billion - Reuters

Canada’s Weston family has agreed to acquire the British pharmacy chain Boots in a transaction valued at $8.9 billion. The deal will transfer ownership of Boots, which operates more than 2,500 stores across the United Kingdom, from its current parent company to a vehicle controlled by the Westons, a prominent Canadian business family with interests in food retail and manufacturing.

The purchase price of $8.9 billion is comprised of cash and assumed debt, and the transaction will be financed through a combination of the family’s existing resources and new borrowing. The Westons, who own the grocery retailer Loblaw Companies and the bakery conglomerate George Weston Ltd., said the acquisition aligns with their long‑term strategy to expand into health‑care and pharmacy services.

The agreement is subject to customary closing conditions, including approval by Boots’ shareholders and regulatory clearances in the United Kingdom and Canada. Both parties have indicated that they expect the transaction to be completed in the second half of 2024, pending those approvals.

Under the terms of the deal, the Westons intend to retain the Boots brand and its current operational model. They have signaled a commitment to preserve existing store locations and employment levels, while exploring opportunities to integrate the pharmacy business with their broader retail operations.

The acquisition marks one of the largest foreign takeovers of a UK retailer in recent years and reflects growing interest from North American investors in the European health‑care market. Once finalized, the Weston family will become the new owner of a historic British pharmacy chain that has been in operation for more than 170 years.