Pharmacy chain Boots has been spun off from US parent Walgreens Boots Alliance after its private equity takeover.
On Thursday, US firm Sycamore Partners completed its 10 billion dollar (£7.4 billion) deal to buy Walgreens Boots Alliance.
It said it would now split off the international parts for the US-based WBA to operate as The Boots Group.
The new business, which will include Boots UK and Ireland, Boots opticians, No7 Beauty company, pharmacies in Thailand, Mexico and a pharmacy wholesale business in Germany, will be based in the UK.
Ornella Barra, who had been chief operating officer for WBA’s international business, will now lead The Boots Group.
Italian billionaire and WBA boss Stefano Pessina and his family will retain a stake in Boots as part of the deal.
Bosses said the move to spin Boots off as a separate business will help it “execute against its successful transformation strategy to drive long-term growth”.
The business has overseen a major overhaul in recent years, which has seen it shut hundreds of stores and focus more on its growing beauty sales.
Boots traces its roots back to 1849 when John Boot opened his first store and completed its mega-merger with Walgreens in 2014.
Ms Barra said: “I am hugely proud of the business that we have created and excited about this new step under new ownership.
“I would like to thank our colleagues across the world that have built this incredible company, and I am honoured to be leading these businesses on the next stage of our journey.
“Sycamore’s retail experience and our strong foundation position The Boots Group to deliver against our strategy of being a leader in our markets and the communities we serve.”
Sycamore will also run separate Walgreens, Shields Health Solutions, CareCentrix and VillageMD businesses.
