Weston family from Canada to acquire Boots in £6.7bn takeover
Wittington Investments has agreed to acquire the pharmacy giant from Sycamore Partners and the Pessina family in a deal expected to complete in early 2027.
Wittington Investments has agreed to acquire the pharmacy giant from Sycamore Partners and the Pessina family in a deal expected to complete in early 2027.
Wittington Investments, the holding company for the Canadian branch of the Weston family, has agreed to acquire Boots from Sycamore Partners and the Pessina family. The deal is valued at $8.9 billion, which equates to between £6.7 billion and £6.74 billion.
Wittington Investments is partnering with Fairfax Financial Holdings on the takeover but will maintain operational control. The transaction is subject to necessary regulatory approvals and is expected to complete in the first quarter of 2027.
The acquisition includes the company's pharmacy and retail branches throughout Ireland and the UK, alongside Boots Opticians, the No7 Beauty Company, and its franchise and Thailand-based businesses. However, Sycamore Partners and the Pessina family will keep their holdings in Alliance Healthcare Deutschland in Germany and Farmacias Benavides in Mexico.
Retail analyst Richard Hyman stated that the Weston family represents the most encouraging ownership for Boots in many years. He added: 'For years, watching Boots has been a bit like watching corporate pass the parcel. Its ownership has changed with extraordinary frequency and each owner has stripped a bit more out of it.'
Retail expert Catherine Shuttleworth suggested that shoppers may see an improved shopping experience as new owners invest in the business. It remains unclear whether the new owners plan to close more shops.
Boots was established in Nottingham in 1849 by John Boot. The company currently operates approximately 1,800 stores across the UK. In its most recent annual results, Boots reported sales of £7.5bn, representing a 3.2% increase compared to 2024.
The acquisition marks a return to British retail for the Canadian branch of the Weston family. The family previously sold the Selfridges department store chain for £4 billion in 2022 and holds controlling ownership of Primark through Associated British Foods.
Sycamore Partners gained control of Boots twelve months ago by purchasing Walgreens Boots Alliance and dividing the business. In 2022, Walgreens offered Boots for sale with an asking price of up to £10bn, but plans were dropped. An intention to launch the business on the stock market with a £7bn valuation was also abandoned in 2024. Boots has seen lower footfall due to people working from home rather than in city centres, and the company has closed 300 outlets in recent years.