Wittington Investments entered into a definitive agreement to acquire Boots and associated businesses for total consideration of $8.9 billion, including assumed debt.
The Canadian holding company of the Weston family is acquiring the business from The Boots Group, which is majority owned by Sycamore Partners in partnership with Stefano Pessina and his family.
Fairfax Financial Holdings is partnering with Wittington on the transaction.
Wittington will have operational control of Boots following completion.
The acquisition includes Boots’ retail operations in the U.K. and Ireland, Boots Opticians, No7 Beauty Company, and the company’s Thailand and franchised businesses.
Sycamore Partners and the Pessina family will retain Farmacias Benavides and Alliance Healthcare Deutschland.
Wittington plans to continue investing in Boots by upgrading stores, improving the online experience, and expanding healthcare services.
The Weston group also controls George Weston Limited and, through it, Loblaw Companies and Choice Properties.
Loblaw operates approximately 2,800 locations and owns Shoppers Drug Mart, Canada’s largest pharmacy, health and beauty business.
Wittington previously owned U.K. department store group Selfridges from 2003 through 2021.
Upon closing, Wittington Chairman Galen Weston will become Chairman of Boots.
Boots employs more than 50,000 people.
The transaction is expected to close during the first quarter of 2027, subject to regulatory approvals and customary closing conditions.
KEY QUOTES:
“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. We have great respect for Boots’ legacy and leading market position.”
Galen Weston, Chairman of Wittington Investments
“We are very pleased to partner with Galen Weston and the Wittington team to acquire Boots, a leading historic brand in the UK and Ireland.”
Prem Watsa, Chairman and Chief Executive Officer of Fairfax Financial
“Boots is an iconic brand and a British institution. It has been one of the privileges of my and Ornella’s life to have been so closely associated with Boots over the last 20 years.”
Stefano Pessina
