The Weston family’s holding company Wittington Investments Ltd. is buying the 1,800-store Boots pharmacy chain from U.S. private equity fund Sycamore Partners. The price is $8.9 billion.
The Weston family owns control of Loblaws and its associated supermarket chains such as Zehrs.
Wittington is also buying out another billionaire family headed by Stefano Pessina, who is the former chairman of Boots. He acquired the chain in 2007, then sold the majority of the company to Sycamore, while retaining an ownership stake.
Toronto-based asset manager Fairfax, led by investor Prem Watsa, is backing Wittington’s investment by paying US$2.3-billon for a 50-per-cent stake in Boots. Wittington will have operating control of the chain.