Canada's Weston family agrees $8.9bn (£6.7bn) deal to buy Boots
Wittington Investments, the holding company of Canada's Weston family, agreed to buy Boots from Sycamore Partners and the Pessina family, with completion set for early 2027.
Key facts
- Wittington Investments confirmed on 7 October it had agreed to buy the 177-year-old Boots from US private equity firm Sycamore Partners and the Pessina family.
- The BBC reported the deal at $8.9bn (£6.7bn); its headline described it as a £7bn deal.
- The deal is set to be completed in early 2027, according to the BBC.
- Wittington will have operational control of Boots, in partnership with Toronto-based Fairfax Financial Holdings.
- Boots has about 1,800 UK stores and 51,000 employees after closing hundreds of branches.
Wittington Investments, the holding company of Canada's billionaire Weston family, confirmed on 7 October that it had agreed to buy the 177-year-old Boots, the High Street pharmacy and retail chain, from US private equity firm Sycamore Partners and the Pessina family. The BBC reported the deal at $8.9bn (£6.7bn), while its headline described it as a £7bn deal. The transaction is set to be completed in early 2027, according to the BBC.
Galen Weston, chairman of Wittington, said Boots played "a vital role in everyday life across the UK and Ireland". He will become chairman of Boots. Weston said: "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." The BBC reported he signalled plans including shop upgrades and an expansion of healthcare services.
The Weston family will buy Boots' retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company and its Thailand and franchised businesses, according to the BBC. Sycamore Partners, in partnership with Stefano Pessina and his family, will retain ownership of The Boots Group's Farmacias Benavides in Mexico and Alliance Healthcare Deutschland in Germany.
Boots was established by John Boot, who opened the first herbalist store in Nottingham in 1849 offering an affordable alternative to traditional medicines, the BBC reported. The chain has about 1,800 stores in the UK and 51,000 employees after closing hundreds of branches. The BBC reported lower footfall in stores as people switched to working from home rather than visiting town and city centre offices every weekday.
Wittington will have operational control over Boots and secured ownership in partnership with Fairfax Financial Holdings, a Toronto-based holding company. The Weston family owns the Canadian grocery chain Loblaws and pharmacy business Shoppers Drug Mart, and previously owned the London department store Selfridges from 2003 to 2021 before selling it for $4bn. The separate UK branch of the Weston family is the majority owner of Associated British Foods, the parent firm of Primark. The Westons were ranked fifth on the 2026 Sunday Times Rich List with a combined fortune of almost £19bn.
Context
Boots' ownership status has been uncertain, with several changes of ownership under discussion and sometimes completed over the last two decades, according to the BBC. The BBC reported that Boots has performed well in recent years despite challenges from rivals and changing shopping habits.
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