Economy · News
Weston Family Agrees to Buy Boots From Sycamore Partners for $8.9bn
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In brief
Canada's billionaire Weston family has signed a definitive agreement to buy UK pharmacy chain Boots for $8.9 billion (£6.7 billion), including debt. The buyer, Wittington Investments, is taking over Boots' UK and Ireland retail and pharmacy operations, Boots Opticians and the No7 Beauty Company from Sycamore Partners, which bought the chain's former parent, Walgreens Boots Alliance, just over a year ago.
Wittington Investments Limited, the holding company of Canada's Weston family, has entered into a definitive agreement to acquire Boots, according to Pharmacy Magazine and TheIndustry.beauty. The deal values the Boots businesses being sold at $8.9 billion, or £6.7 billion, including assumed debt, both outlets reported. Wittington partnered with Toronto-based Fairfax Financial Holdings on the acquisition, Pharmacy Magazine reported.
The seller is Sycamore Partners, a US private equity firm that took control of Boots' former parent, Walgreens Boots Alliance, in a roughly $10 billion deal completed in August 2025, according to Wikipedia's entry on Boots UK. Sycamore subsequently split the group into separate units, spinning off Boots as a standalone company co-owned by Sycamore and the family of Stefano Pessina, Yahoo Finance UK and Pharmacy Magazine reported.
What Is Changing Hands
Under the agreement, Wittington is acquiring Boots' retail and pharmacy operations in the UK and Ireland, Boots Opticians, the No7 Beauty Company, and the chain's operations in Thailand along with its franchise businesses, according to Pharmacy Magazine and TheIndustry.beauty. Sycamore is retaining other units not covered by the sale, including Farmacias Benavides in Mexico and Alliance Healthcare Deutschland, Yahoo Finance UK reported.
Boots currently operates more than 1,800 stores in Britain, according to TheIndustry.beauty, while Wikipedia's entry on Boots UK puts the current UK and Ireland store count at approximately 2,000. Pharmacy Magazine reported the business employs more than 50,000 people.
Timeline and Next Steps
TheIndustry.beauty reported that negotiations began earlier in 2026 and stalled in August after the Weston family lowered its offer, before talks revived and produced a definitive agreement announced on October 7, 2026. Pharmacy Magazine reported the transaction is expected to complete in the first quarter of 2027, subject to regulatory approval.
Once the deal closes, Wittington will take operational control of Boots, and Galen Weston, chairman of Wittington, will become chairman of Boots, according to Pharmacy Magazine and TheIndustry.beauty.
Who Is Buying Boots
The Weston family's Canadian branch controls supermarket chain Loblaws and pharmacy group Shoppers Drug Mart through Wittington Investments. The family previously owned British department store Selfridges, which it sold for about £4 billion in 2022, TheIndustry.beauty reported. A separate British branch of the Weston family controls Primark through Associated British Foods, according to the same report.
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.
Boots matters. Every day, our colleagues give millions of people longer, healthier and happier lives.
Background on Boots' Ownership
Boots was founded in 1849 by John Boot as a herbal medicine shop in Nottingham and later built into a nationwide chain by his son, Jesse Boot, according to Wikipedia's entry on Boots UK. The company merged with Alliance UniChem in 2006 to form Alliance Boots, which was bought by private equity firm KKR and Stefano Pessina for £11.1 billion in 2007. Walgreens took a stake from 2012 and completed a full takeover by 2014, creating Walgreens Boots Alliance, before Sycamore Partners acquired that parent company in 2025 and separated Boots into its own entity.
| Figure | Detail | Source |
|---|---|---|
| Deal value | $8.9 billion / £6.7 billion, including debt | Pharmacy Magazine, TheIndustry.beauty |
| Buyer | Wittington Investments (Weston family), partnered with Fairfax Financial Holdings | Pharmacy Magazine |
| Seller | Sycamore Partners and the Pessina family | Pharmacy Magazine |
| UK stores | More than 1,800 (TheIndustry.beauty) / approx. 2,000 (Wikipedia) | TheIndustry.beauty, Wikipedia |
| Employees | More than 50,000 | Pharmacy Magazine |
| Expected completion | Q1 2027, subject to regulatory approval | Pharmacy Magazine |
Questions
- Who is buying Boots?
- Wittington Investments, the holding company of Canada's billionaire Weston family, is buying Boots, partnered with Toronto-based Fairfax Financial Holdings, according to Pharmacy Magazine. Galen Weston, Wittington's chairman, will become chairman of Boots once the deal closes.
- How much is Boots being sold for?
- The deal is valued at $8.9 billion, or £6.7 billion, including assumed debt, according to Pharmacy Magazine and TheIndustry.beauty.
- Who owned Boots before this deal?
- Boots was owned by private equity firm Sycamore Partners together with the family of Stefano Pessina, after Sycamore acquired former parent company Walgreens Boots Alliance in 2025, per Wikipedia's entry on Boots UK.
- When will the sale be completed?
- Pharmacy Magazine reported the transaction is expected to close in the first quarter of 2027, pending regulatory approval.
- What parts of Boots are included in the deal?
- The sale covers Boots' UK and Ireland retail and pharmacy operations, Boots Opticians, the No7 Beauty Company, and operations in Thailand and franchise markets, according to Pharmacy Magazine and Yahoo Finance UK. Units in Mexico and Germany are not part of the deal.
Sources
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