The High Street pharmacy and retail giant Boots has been acquired by Canada's billionaire Weston family in an $8.9bn (£6.7bn) deal, Wittington Investments confirmed Wednesday.

Wittington Investments, the holding company for the Weston family's extensive business interests, has agreed to purchase the 177-year-old company from US private equity firm Sycamore Partners and the Pessina family.

Boots, a staple on British streets selling everything from beauty products to prescriptions, has navigated recent challenges including reduced footfall due to increased working from home and competition from rivals. The company currently operates approximately 1,800 stores across the UK and employs 51,000 people.

The new ownership, led by Galen Weston, chairman of Wittington, intends to implement fresh strategies for Boots, focusing on store modernization and an expansion of its healthcare offerings. Weston stated that the family sees a significant opportunity to enhance the business through stable, long-term investment and a renewed operational focus.

Founded in Nottingham in 1849 by John Boot as a herbalist store, Boots has grown into a significant retail and healthcare provider. The acquisition by the Weston family encompasses Boots' retail operations in the UK and Ireland, Boots Opticians, the No7 Beauty Company, and its businesses in Thailand and franchised markets. The transaction is expected to be finalized in early 2027.

The Weston family has a substantial portfolio of retail and pharmacy businesses, including the Canadian grocery chain Loblaws and the pharmacy business Shoppers Drug Mart. They previously owned the luxury department store Selfridges from 2003 to 2021. The family, with a combined fortune nearing £19bn, was ranked fifth on this year's Sunday Times Rich List.

Wittington Investments will assume operational control of Boots, having secured ownership in partnership with Fairfax Financial Holdings, a Toronto-based financial services holding company. Sycamore Partners and the Pessina family will retain ownership of The Boots Group's Farmacias Benavides in Mexico and Alliance Healthcare Deutschland in Germany.

This significant acquisition marks another chapter in the evolving ownership landscape of Boots, which has seen several changes over the past two decades, reflecting the dynamic nature of the retail and healthcare sectors.