Wittington Investments, the holding company of the Canadian Weston family, has completed a purchase agreement for Boots, the UK-based pharmacy and beauty chain. The transaction values the company at $8.9 billion and includes Boots’ retail operations across the UK and Ireland, its opticians chain, the No7 beauty brand, and a franchise operation in Thailand. The deal also involves backing from Canadian investment firm Fairfax.
Boots operates approximately 1,800 stores throughout the UK and employs around 50,000 people. The acquisition represents a significant strategic move for the Weston family, who control major retail and pharmacy operations in Canada including the Loblaws grocery chain and Shoppers Drug Mart. Galen Weston, chair of Wittington, indicated the family sees potential to strengthen the business through long-term ownership and sustained capital investment.
The transaction marks an exit for long-time stakeholder Stefano Pessina and current financial backer Sycamore Partners. Pessina took Boots private in 2007 with backing from investment firm KKR and has maintained involvement through various ownership structures over the past two decades. He will retain stakes in Boots’ Mexican pharmacy operations and German drug distribution interests. The deal is subject to regulatory approval and anticipated to finalize in the first quarter of 2027.
Boots has experienced multiple ownership changes and strategic reviews in recent years. Walgreens initiated a sale process in 2022 with an asking price up to £10 billion, though multiple potential buyers ultimately withdrew. A subsequent plan to take the company public at a valuation near £7 billion was abandoned in 2024. The acquisition marks the Weston family’s return to UK high street retail following their sale of the Selfridges department store chain for £4 billion in 2022.
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