The Canadian branch of the Weston family agreed on Wednesday to buy Britain’s Boots from Sycamore Partners and the Pessina family in an $8.9 billion deal, pledging to invest in the retailer’s stores and online operations while expanding healthcare services, Reuters reported.
Inside the Multi-Billion-Dollar Retail Agreement
Wittington Investments, Limited, the Weston holding company, said it would acquire Boots’ retail operations in the UK and Ireland, along with Boots Opticians, No7 Beauty Company, and its Thailand and franchised businesses. Galen Weston, Wittington’s chairman, will become chairman of Boots. The company trades from over 1,800 stores and employs more than 50,000 people.
“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,” said Galen Weston. “We see a meaningful opportunity to make a great business even better,” he added.
Wittington is partnering with Toronto-based holding company Fairfax Financial Holdings on the transaction, while retaining operational control.
Private equity group Sycamore, working in partnership with Pessina and his family, will retain ownership of other interests within The Boots Group, specifically Farmacias Benavides and Alliance Healthcare Deutschland. Walgreens Boots Alliance, the former owner, was taken private by Sycamore for $10 billion in March 2025.
Weston Family Expands Retail Portfolio Through Wittington Investments
The Weston group already owns Canadian grocer Loblaw and Shoppers Drug Mart, which is Canada’s largest pharmacy, health, and beauty business. The family also owned the London department store Selfridges from 2003 to 2021. Meanwhile, the British side of the Weston family serves as the majority shareholder of Primark-owner Associated British Foods.
| Entity / Stakeholder | Role in Transaction | Key Assets Involved |
|---|---|---|
| Wittington Investments | Buyer (Operational Control) | UK/Ireland retail, Boots Opticians, No7 Beauty Company |
| Fairfax Financial Holdings | Partner | Co-investor alongside Wittington |
| Sycamore Partners & Pessina Family | Sellers | Retaining Farmacias Benavides and Alliance Healthcare Deutschland |
Wittington plans to invest in upgrading stores, optimizing the digital experience, and supporting the expansion of healthcare services. Former Currys boss Alex Baldock was recently appointed as CEO of Boots. The transaction is expected to close in the first quarter of 2027.
