Wittington Investments, the Weston family's Canada-based holding company, has entered into a definitive agreement to acquire Boots and its associated businesses from Sycamore Partners and the Pessina family for US$8.9 billion, including assumed debt. The transaction covers Boots' retail pharmacy operations across the UK and Ireland — approximately 1,800 stores employing over 51,000 people — as well as Boots Opticians, the No7 Beauty Company, and Boots' Thailand and franchised businesses. The deal is expected to close in the first quarter of 2027, subject to customary closing conditions.
Fairfax Financial Holdings (TSX: FFH / FFH.U) is partnering with Wittington on the transaction, committing up to approximately US$2.3 billion in equity and expected to own 50% of Boots' equity following completion, with Wittington retaining operational control. Galen Weston, chairman of Wittington, is set to become chairman of Boots upon closing. Sycamore Partners and the Pessina family will retain The Boots Group's interests in Farmacias Benavides and Alliance Healthcare Deutschland, which fall outside the scope of the acquisition.
Wittington has indicated plans to invest in Boots, including upgrading stores, improving the online customer experience, and expanding healthcare services. Wittington is the controlling shareholder of George Weston Limited and, through it, Loblaw Companies Limited and Choice Properties. The Weston group already owns Shoppers Drug Mart, Canada's largest pharmacy, health and beauty business, through Loblaw.
The transaction marks the latest chapter in Boots' recent ownership history. Sycamore Partners completed its take-private acquisition of Walgreens Boots Alliance on 28 August 2025, in partnership with Stefano Pessina and his family, who reinvested 100% of their WBA interests. That transaction valued WBA at up to US$23.7 billion, with shareholders receiving US$11.45 per share in cash plus a Divested Asset Proceed Right of up to US$3.00 per share. Following completion, WBA's common stock was delisted from Nasdaq. The Boots Group was subsequently formed in 2025 following the separation of the company.
Boots itself traces its origins to 1849, when John Boot founded a herbalist shop in Nottingham. Wittington has its own heritage in UK retail, having previously owned Selfridges from 2003 to 2021. With the Boots acquisition, the Weston family extends its retail and pharmacy footprint significantly into the UK market.
Sources: Fairfax Financial Holdings SEC Form 6-K, Wittington Investments via CNW/Newswire, Bloomberg, CBC News, Sky News, Sycamore Partners via SEC filing, Walgreens Boots Alliance SEC Form 8-K, The Boots Group, ITN Business, East Midlands Business Link