Terra Firma Capital Partners, the private Sycamore Partners has finalised its $10bn (£7.4bn) acquisition of Walgreens Boots Alliance (WBA) and has spun off Boots into a standalone entity, The Boots Group, according to a report by the Independent.

The new company will be headquartered in the UK and include Boots UK and Ireland, Boots Opticians, No7 Beauty Company, and pharmacy operations in Germany, Thailand, and Mexico. Ornella Barra, previously chief operating officer of WBA’s international business, has been appointed chief executive of the newly formed group.

Italian billionaire Stefano Pessina and his family will retain a minority stake as part of the transaction.

Boots executives said the separation will allow the business to pursue its transformation strategy, which has involved consolidating its retail footprint, closing underperforming stores, and accelerating its beauty and wellness lines.

“I am hugely proud of the business that we have created and excited about this new step under new ownership,” said Barra. “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.”

The spin-off marks a new chapter for Boots, which traces its roots back to 1849 and merged with Walgreens in 2014. Under Sycamore’s ownership, the group is expected to accelerate growth in both domestic and international markets.

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