Wittington Investments to acquire Boots in $8.9 billion deal
Wittington Investments, backed by the Weston family and partnered with Fairfax Financial, is acquiring Boots’ UK and Ireland retail operations.
Wittington Investments, backed by the Weston family and partnered with Fairfax Financial Holdings, is acquiring Boots in an $8.9 billion deal. The transaction gives Wittington control of Boots’ core UK and Ireland retail operations, its over 1,800 stores, Boots Opticians, the No7 Beauty Company, and its Thailand and franchised businesses.
At closing, Galen Weston, chairman of Wittington Investments, will become chairman of Boots. Wittington has pledged to invest in modernizing Boots stores, improving the online shopping experience, and expanding healthcare services offered to customers.
Leadership and strategic vision
Galen Weston will assume the role of Boots chairman once the transaction finalizes. He called Boots one of Britain's most enduring businesses, with a rich heritage and a vital role in everyday life. Weston expressed great respect for its leading market position.
He sees a meaningful opportunity to improve the business through stable long-term ownership, further capital investment, and a renewed operating focus. Wittington stated it intends to invest in modernizing Boots stores, optimizing the online purchase experience, and developing health services offered to the chain's clients.
Background and context
The acquisition follows a period of significant change for Boots. It was re-established as a standalone company just one year prior, after Sycamore Partners acquired it from Walgreens Boots Alliance and split the entity. Stefan Kaluzny, Managing Director of Sycamore Partners, said this move allowed Boots' management and over 50,000 colleagues to focus solely on their business.
Stefano Pessina, whose association with Boots spans two decades, said the current owners are delighted to be passing on a thriving Boots to strong and reliable owners who understand its heritage. Sycamore Partners and Pessina’s family will retain ownership of Boots’ stakes in Farmacias Benavides and Alliance Healthcare Deutschland.
Financials and timeline
The total transaction value is $8.9 billion, which includes assumed debt. This figure is equivalent to £6.7 billion or €7.95 billion. The deal is expected to close in the first quarter of 2027, pending regulatory approvals and customary closing conditions.
Boots is a major UK distributor of cosmetic products, with a catalogue featuring over 500 beauty brands. The company generated £7.5 billion in revenue in 2025, an increase of 3.2% from the previous year, and employs 51,000 people.
| Metric | Figure |
|---|---|
| Total transaction value | $8.9 billion (£6.7bn / €7.95bn) |
| Boots 2025 revenue | £7.5 billion |
| Year-on-year revenue growth | 3.2% |
| Number of UK stores | Over 1,800 |
| Employee count | 51,000 |
| Beauty brands in catalogue | Over 500 |
Broader Weston family retail connections
Wittington Investments is the Canadian branch of a holding company owned by the Weston family. The family has a deep history in retail, particularly in pharmacy and beauty. Through George Weston Limited and its subsidiary Loblaw Companies Limited, the family controls Shoppers Drug Mart, Canada’s largest pharmacy, health and beauty business with more than 2,800 locations.
This acquisition positions the Weston family as stewards of two major pharmacy-led beauty retailers on both sides of the Atlantic. Fairfax Financial Holdings, a Toronto-based holding company, is partnering on the deal. Its chairman, Prem Watsa, expressed confidence in Wittington's ability to be an excellent steward of Boots, citing the Weston family's successful track record with retail brands in Canada.
Completion of the transaction is subject to regulatory approvals and is expected during the first quarter of 2027.
