Weston family to acquire Boots for $8.9bn

Wittington Investments, the holding company of Canada’s Weston family, has entered a definitive agreement to acquire Boots in a transaction valued at about US$8.9 billion, equivalent to roughly £6.7 billion including assumed debt. The sellers are Sycamore Partners and the Pessina family, which have owned the UK-based pharmacy and retail chain for only a relatively short period. The agreement marks one of the largest recent takeovers of a British high street retailer.

The acquisition terms cover Boots’ core retail and pharmacy operations in the UK and Ireland, as well as Boots Opticians and the No7 Beauty Company. The package also includes Boots’ Thailand business and its network of franchised outlets, consolidating a broad footprint across health, beauty and optical services under the Weston family’s control.

Reports on the transaction indicate that not all assets historically associated with Boots’ owners are included in the sale. Certain businesses, such as Farmacias Benavides in Mexico and Alliance Healthcare Deutschland in Germany, are being retained by the seller and fall outside the scope of the deal. This leaves the transaction focused on Boots-branded operations and related beauty and optical units.

Within the perimeter of the deal, Boots is described as operating around 1,800 stores in the UK, forming a significant part of the country’s health and beauty retail landscape. The company is reported to employ roughly 51,000 people across its operations, underlining the scale of the business changing ownership.

Wittington is not proceeding alone in the acquisition. Fairfax Financial Holdings is partnering on the transaction and has agreed an equity commitment of approximately US$2.3 billion. Upon completion, Fairfax is expected to own about 50% of Boots, while Wittington will maintain operational control of the business.

As part of the new ownership structure, Galen Weston will become chairman of Boots after the transaction closes. This places the retailer within the wider Weston family retail portfolio, with strategic oversight aligned to Wittington’s long-term investment approach while Fairfax participates as a major financial partner.

The transaction remains subject to regulatory approvals and customary closing conditions. The parties expect the deal to close in the first quarter of 2027, described in reports as early next year. Until closing, Boots continues to operate under its existing ownership, with no detailed operational changes outlined in the current announcement.

Given the size of the business and its workforce, the deal represents a significant development in the UK retail and pharmacy sector. The combination of Wittington’s operational control, Fairfax’s substantial equity commitment and the appointment of Galen Weston as chairman sets the framework for Boots’ next phase once regulatory processes are complete.