Wittington Buys Boots for £6.7 Billion, Ending Sycamore's 18-Month Ownership
Updated
Updated · bbc.co.uk · Oct 7
Wittington Buys Boots for £6.7 Billion, Ending Sycamore's 18-Month Ownership
3 articles · Updated · bbc.co.uk · Oct 7
Summary
$8.9 billion (£6.7 billion) will bring Boots under Wittington Investments, the Weston family's holding company, in a deal expected to close early next year.
The sale includes Boots' UK and Ireland retail business, Boots Opticians, No7 Beauty Company, and its Thailand and franchised operations.
Sycamore Partners is exiting after just 18 months, as Boots has grappled with rising debt, shifting shopping habits and pressure from cheaper online rivals.
Galen Weston, who is set to become chairman, said Wittington plans stable long-term ownership, fresh capital investment and a renewed operating focus.