Wittington Investments to Acquire Boots for $8.9 Billion

Wittington Investments, the Canadian holding company of the Weston family, has entered into a definitive agreement to acquire the Boots Group for approximately US$8.9 billion, including assumed debt. The transaction includes Boots' retail and pharmacy operations in the United Kingdom and Ireland, Boots Opticians, the No7 Beauty Company, and franchised businesses in Thailand.

Wittington is partnering with Toronto-based Fairfax Financial Holdings Limited, which has committed up to US$2.3 billion in equity and is expected to own 50% of the equity upon closing. Despite this partnership, Wittington will maintain operational control, and Galen Weston will serve as chairman of Boots. The deal marks the Weston family's return to the UK high street following their 2022 sale of Selfridges.

The acquisition sees the exit of majority owner Sycamore Partners and the Pessina family. However, Stefano Pessina and Sycamore Partners will retain ownership of Farmacias Benavides in Mexico and Alliance Healthcare Deutschland. The deal follows a restructuring last year in which Sycamore Partners acquired Walgreens Boots Alliance for £7.4 billion to create the standalone Boots Group.

Boots currently employs between 50,000 and 51,000 people across 1,800 to 2,000 stores. The transaction remains subject to regulatory approvals and is expected to close in the first quarter of 2027.