TORONTO — Wittington Investments, the Canadian Weston family’s holding company, has agreed to acquire Boots and associated businesses for $8.9 billion, including assumed debt, bringing the British pharmacy and beauty retailer under an owner with extensive experience in the sector.
Fairfax Financial Holdings is partnering with Wittington on the acquisition. Wittington will have operational control when the transaction closes, which is expected in the first quarter of 2027, subject to regulatory approvals and customary closing conditions.
The agreement covers Boots’ retail operations in the United Kingdom and Ireland, Boots Opticians, No7 Beauty Company, and its Thailand and franchised businesses. The sellers, Sycamore Partners and Stefano Pessina and his family, will retain The Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland.
Wittington plans to invest in store upgrades, improvements to Boots’ online experience and the expansion of healthcare services. Galen Weston, Wittington’s chairman, will become chairman of Boots upon closing.
“Boots is one of Britain's most enduring businesses, with a rich heritage, a trusted name and a vital role in everyday life across the UK and Ireland,” Weston said. “We have great respect for Boots' legacy and leading market position.”
The acquisition extends the Weston family’s interests in pharmacy, health and beauty retailing. Wittington is the controlling shareholder of George Weston Limited and, through it, Loblaw Companies Limited, which owns Shoppers Drug Mart, Canada’s largest pharmacy, health and beauty business. Loblaw operates more than 2,800 locations.
The family also has experience in British retailing through its ownership of Selfridges from 2003 to 2021.
“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,” Weston said.
Fairfax, a Toronto-based holding company primarily engaged through its subsidiaries in property and casualty insurance, reinsurance and investment management, brings additional retail investment experience. Its portfolio includes Sleep Country, which owns Simba Sleep in the United Kingdom, and The Sporting Life Group.
“For many years, the Westons have grown and developed some of the most successful retail brands in Canada, including in pharmacy and beauty, and we are very confident that Wittington will be an excellent steward of the Boots business and a terrific partner to Fairfax,” said Prem Watsa, Fairfax’s chairman and chief executive officer.
The proposed sale comes a year after Boots was re-established as a standalone company, according to Sycamore Partners Managing Director Stefan Kaluzny.
“One year ago, we re-established Boots as a standalone company, allowing its management team and more than 50,000 colleagues to focus solely on their business and customers,” Kaluzny said. “This transaction is a testament to the work they have done and the incredibly bright future ahead.”
Boots Chief Executive Officer Alex Baldock said the retailer has further opportunities to build on its role in health, wellness and beauty.
“For all of our social impact and commercial success to-date, the opportunity ahead is even greater,” Baldock said. “I look forward to making the most of that opportunity and building a world class Boots for our colleagues, customers, patients, and communities.”
Pessina, whose association with Boots spans two decades, welcomed the planned transfer of ownership.
“We are delighted to be passing on a thriving Boots to strong and reliable owners who understand the value of its great heritage,” he said.
