Canada's Weston family buys UK pharmacy chain Boots for $8.9 billion
Wittington Investments, the Weston family's holding company, agreed Wednesday to buy Boots, Britain's biggest pharmacy chain, from Sycamore Partners and the Pessina family. The deal covers about 1,800 stores and 51,000 workers. The price is $8.9 billion, including debt, and it should close in early 2027.
Boots, the 177-year-old British pharmacy chain, is getting new owners. Canada's billionaire Weston family agreed Wednesday to buy it for $8.9 billion, including debt, through its holding company, Wittington Investments. That is about £6.7 billion, the BBC reported.
The sellers are U.S. private equity firm Sycamore Partners and the family of former Boots chair Stefano Pessina. Sycamore owned Boots for only about 18 months. It got the chain as part of its $24 billion buyout of Walgreens in 2025, The Globe and Mail reported.
Toronto-based Fairfax Financial is a partner. It will pay $2.3 billion for a 50% stake, but Wittington will run the business. Galen Weston, chairman of Wittington, will become chairman of Boots. The deal still needs regulatory approval and should close in the first quarter of 2027.
For shoppers, little should change soon. Retail expert Catherine Shuttleworth told the BBC that shoppers are unlikely to see much change to stores in the coming months. Over time, she said, new investment could bring "an improved shopping experience."
Weston said the owners plan "stable long-term ownership, further capital investment" and more health services. The Globe reported the new owners plan to invest in Boots' Advantage Card loyalty program, which has 17 million members.
The Westons know this business. They control Loblaw, Canada's grocery giant, and Shoppers Drug Mart, Canada's largest pharmacy chain. They owned London's Selfridges department store from 2003 to 2021.
Boots has been shrinking its footprint. It has closed more than 300 weaker stores in recent years, leaving about 1,800. Its stores sit near 80% of Britain's population. Sales rose 3.2% to £7.5 billion in its last full year, and operating profit rose nearly 30% to £355 million, the Globe reported.
The deal covers Boots' stores in the UK and Ireland, Boots Opticians, the No7 beauty brand, and its Thailand and franchise businesses. Sycamore and the Pessinas keep a pharmacy chain in Mexico and a drug wholesaler in Germany.
Boots began in 1849 when John Boot opened an herbal medicine shop in Nottingham, England.
What we know: The Westons are buying Boots for $8.9 billion, with Fairfax holding half.
What we don't: How much they will spend on stores, and what regulators will say.
Where outlets agree The BBC and The Globe and Mail both report the $8.9 billion price including debt, about 1,800 stores, and a close expected in early 2027.
Where they differ The deal still needs regulatory approval, and the new owners have not said how much they will invest or what will change for shoppers.