// BBC BUSINESS NEWS — FINANZA
Boots sold in £7bn deal to Canadian billionaire family
Boots, the High Street pharmacy and retail chain, has been sold in an $8.9bn (£6.7bn) deal to Canada's billionaire Weston family.
Wittington Investments, the holding company, confirmed it had agreed to buy 177-year old company on Wednesday from US private equity firm Sycamore Partners, which had only only owned the retailer for 18 months.
The sale means another change of hands for the company, which started as a simple apothecary but has evolved to sell a vast range of health and beauty products, meal deals and travel accessories.
Galen Weston, chairman of Wittington, said Boots played "a vital role in everyday life across the UK and Ireland".
Boots has performed well in recent years despite challenges from rivals and changing shopping habits.
Its stores have also seen lower footfall as people switched to working from home rather than visiting town and city centre offices every week day.
It has closed hundreds of branches across the UK, leaving it with about 1,800 currently and 51,000 employees.
Its ownership status has also been uncertain, with several changes of ownership under discussion and sometimes completed over the last two decades.
But Weston, who will become chairman of Boots, signalled the new owners had fresh plans for the chain, including shop upgrades and an expansion of healthcare services.
"We see a meaningful opportunity to make a great business even better through stable long-term ownership, further capital investment, and the renewed operating focus required to serve customers with excellence for generations to come," he said.