Boots, the High Street pharmacy and retail chain, has been sold in an $8.9bn (£6.7bn) deal to the holding company of Canada's billionaire Weston family.

Wittington Investments confirmed it had agreed to buy Boots on Wednesday from US private equity firm Sycamore Partners.

Sycamore had only owned the retailer for 18 months after taking over the retailer's previous owner.

The deal covers Boots' retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company and its Thailand and franchised businesses.

Galen Weston, chairman of Wittington, said the firm played "a vital role in everyday life across the UK and Ireland".

The deal is expected to be completed early next year.

Boots has faced challenges in recent years with growing debt and changing shopping habits resulting in more people buying cheaper products online.

Its ownership status has also been uncertain.

But Weston, who will become chairman of Boots, signalled this ownership had different plans.

"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.