Boots, the High Street pharmacy and retail chain, has been acquired in an $8.9bn (£6.7bn) transaction by Wittington Investments, the holding company controlled by Canada's billionaire Weston family. The deal marks a significant shift in ownership for the Nottingham-headquartered chain, which operates 1,800 stores across the UK and Ireland and employs 50,000 people.
Wittington Investments announced on Wednesday that it had reached an agreement to purchase Boots from Sycamore Partners, the US private equity firm that had held the retailer for 18 months after acquiring it from Walgreens Boots Alliance in 2025. The acquisition encompasses Boots' retail operations across the UK and Ireland, Boots Opticians, the No7 Beauty Company, and its Thailand operations alongside franchised businesses.
The transaction is also being backed by investment firm Fairfax, which according to Fairfax's announcement expects to own 50% of Boots' equity after closing, while Wittington will have operational control. Fairfax has committed to provide up to approximately US$2.3bn toward the purchase price, with CIBC and Morgan Stanley Senior Funding acting as lead arrangers for acquisition financing.
What does this mean for Boots?
The change in ownership represents a significant shift in the retailer's direction. The Weston family's acquisition signals a move away from the short-term financial strategies typically associated with private equity ownership. Galen Weston, who serves as chairman of Wittington and will assume the role of chairman at Boots, emphasised the company's importance to consumers and the family's long-term vision.
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 noted that Boots played
a vital role in everyday life across the UK and Ireland.
Stefano Pessina, Boots' long-term backer who has been closely associated with the business for 20 years, expressed satisfaction with the transition.
Boots is an iconic brand and a British institution. It has been one of the privileges of my and [my wife] Ornella's life to have been so closely associated with Boots over the last 20 years. We are delighted to be passing on a thriving Boots to strong and reliable owners who understand the value of its great heritage.Pessina will retain ownership of Boots' interests in the Farmacias Benavides pharmacy chain in Mexico and Alliance Healthcare Deutschland, a German drug distributor.
Who are the Westons?
The Weston family ranks among Canada's wealthiest dynasties, with extensive business interests spanning retail, real estate, and food production. Through Wittington Investments, the family controls the Loblaws grocery chain and Shoppers Drug Mart pharmacy chain in Canada. The acquisition of Boots adds a major British retail institution to their international portfolio and demonstrates their confidence in the pharmacy and beauty retail sector.
The acquisition marks the return of the Weston family's Canadian branch to the UK high street, following their sale of the Selfridges department store in 2022. The separate UK branch of the family is known for holding a majority stake in Primark through the parent company Associated British Foods.
What happens next?
The transaction remains subject to regulatory approvals and customary closing conditions. According to the parties' announcement, the deal is expected to close in the first quarter of 2027.
Key Facts:
- Boots operates 1,800 stores across the UK and Ireland with 50,000 employees
- The acquisition includes Boots Opticians, No7 Beauty Company, and Thailand franchise operations
- Fairfax will own 50% of equity while Wittington retains operational control
- Deal expected to close in Q1 2027, subject to regulatory approval
