Sycamore Partners has agreed to sell Boots to Wittington Investments, the holding company of Canada's Weston family, in a deal worth $8.9bn including assumed debt. Sycamore, which owns the business in partnership with Stefano Pessina and his family, will exit the UK pharmacy, health and beauty retailer little more than a year after setting it up as a standalone company.
The sale covers Boots’ retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company, and its Thailand and franchised businesses. However, Sycamore and the Pessina family will keep the rest of The Boots Group, including Mexican pharmacy chain Farmacias Benavides and German pharmaceutical wholesaler Alliance Healthcare Deutschland.
Source: PE Insights · Summarized by HeadlinesBriefing