Canada's Weston family agrees to buy UK pharmacy Boots for $8.9 billion
Wittington Investments, the holding company of Canada's billionaire Weston family, has agreed to buy British pharmacy chain Boots from Sycamore Partners for $8.9 billion (£6.7 billion), with completion set for early 2027.
The acquisition and valuation
Wittington Investments, the holding company of Canada's billionaire Weston family, reached an agreement on 7 October 2026 to acquire the British pharmacy and retail chain Boots for $8.9 billion (£6.7 billion) including debt. The agreement transfers majority ownership away from US private equity firm Sycamore Partners and Italian businessman Stefano Pessina. Sycamore held ownership of the high street retailer for roughly 18 months, having acquired Boots through the takeover of its former parent company Walgreens Boots Alliance before separating the business into distinct operating divisions. Canadian holding group Fairfax Financial is providing financial backing for the transaction, while Wittington will assume day-to-day operational control. The deal is slated for formal completion in early 2027.
- Sycamore Partners acquires parent firm Walgreens Boots Alliance and splits divisions
- Wittington Investments agrees to acquire Boots for $8.9 billion
- Expected closing of the Boots acquisition by Wittington Investments
Division of corporate assets and operations
The acquisition agreement encompasses the core retail and healthcare assets of the 177-year-old commercial institution across domestic and international markets. Wittington will assume full ownership of Boots retail pharmacy locations throughout the United Kingdom and the Republic of Ireland, together with Boots Opticians and the No7 Beauty Company brand. The transaction also includes Boots retail operations located in Thailand along with its international franchise network. However, certain international subsidiaries remain outside the perimeter of the transaction. Sycamore Partners, Stefano Pessina, and the Pessina family will retain ownership of Mexican retail pharmacy chain Farmacias Benavides as well as German wholesale distributor Alliance Healthcare Deutschland.
Management changes and long-term strategy
Galen Weston, the chairman of Wittington Investments, will assume the position of chairman of Boots upon completion of the transaction in early 2027. The incoming ownership structure is designed to establish capital stability and renewed strategic focus following multiple changes of ownership and corporate restructuring under private equity control.
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 stated that the acquisition provides an opportunity to upgrade customer service and expand direct capital investments across the pharmacy and retail network.
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 family retail portfolio and European return
The purchase marks a return to direct British retail ownership for the Canadian branch of the Weston family, which previously owned the luxury department store group Selfridges. The Weston family also maintains extensive retail and food distribution interests across North America and Europe, including control of Loblaws, the largest grocery chain in Canada. In addition, the family clan holds substantial equity stakes in Associated British Foods, the London-listed corporate parent of budget clothing retailer Primark. The acquisition of Boots adds optical dispensing services, beauty manufacturing through No7, and community retail pharmacy operations across the United Kingdom, Ireland, and Southeast Asia to Wittington's international consumer business portfolio.
