Weston family to buy U.K. pharmacy chain Boots for US$8.9 billion

Wittington Investments, the Toronto-based holding company of the Weston family, announced Wednesday it will acquire Boots, the British pharmacy chain, for US$8.9 billion (C$12.7 billion including debt).

The buyer is purchasing the chain from Sycamore Partners. Wittington will partner with Fairfax Financial Holdings Ltd., also based in Toronto, on the acquisition. The deal is expected to close in the first quarter of 2027.

When the acquisition closes, Galen Weston will become Boots' chairman, with Wittington assuming operational control. "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 U.K. and Ireland," Weston said in a statement. "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."

The acquisition includes Boots' retail operations in the U.K. and Ireland, its operations in Thailand, franchised businesses, optical division, and the No7 Beauty Company. Boots was founded in 1849 and previously operated in Canada before the Weston family acquired Shoppers Drug Mart in 2014—which now operates roughly 1,350 locations in Canada compared to Boots' roughly 1,800 locations.

The Weston family's business empire extends well beyond pharmacy. The family owns Loblaw Cos. Ltd. and George Weston Ltd., as well as luxury department store Holt Renfrew. The family also holds a significant stake in Associated British Foods, which owns Primark, Twinings tea, Mazola oils, Mazzetti vinegars, Ovaltine, and Fleischmann's yeast.

Sycamore Partners' managing director, Stefan Kaluzny, said in a statement: "One year ago, we re-established Boots as a standalone company, allowing its management team and more than 50,000 colleagues to focus solely on their business and customers. This transaction is a testament to the work they have done and the incredibly bright future ahead."