Boots has agreed to be bought by the Canadian branch of the billionaire Weston family for £6.7 billion, in a deal expected to close in early 2027, subject to regulatory approval.
Wittington Investments to acquire Boots
Wittington Investments, the holding vehicle for the Westons, will acquire the retailer from its majority shareholder, private equity house Sycamore Partners, alongside the Pessina family.
The transaction comes just a year after Sycamore assumed control of Boots via the takeover of its parent company Walgreens Boots Alliance, subsequently carving up the operation into separate divisions.
Boots' history and operations
Boots, which first opened its doors in Nottingham in 1849, operates more than 1,800 outlets across the UK.
Under the terms of the deal, Wittington will take ownership of Boots' retail and pharmacy arms in the UK and Ireland, Boots Opticians, the No7 Beauty Company, plus its Thailand operations and franchise ventures.
Weston family's return to British retail
The Canadian Weston clan, which controls grocery giant Loblaws and chemist chain Shoppers Drug Mart in Canada via Wittington, initially entered discussions to purchase Boots earlier this year when it was placed on the market.
The acquisition signals a comeback to British retail for the family following their disposal of upmarket department store group Selfridges for £4 billion in 2022.
The British branch of the Weston family holds a controlling stake in Primark through its parent company Associated British Foods, which also encompasses grocery labels such as Twinings and Ryvita.
The entire Weston family secured fifth position on this year's Sunday Times Rich List with a joint wealth of nearly £19 billion.
Deal details and leadership comments
Wittington confirmed it is joining forces with Toronto-headquartered Fairfax Financial Holdings on the acquisition, with Wittington retaining operational control.
Fairfax's portfolio includes Sleep Country, Canada's biggest mattress retailer and the parent company of Simba Sleep in the UK.
Galen Weston, chairman of Wittington – who is set to become chairman of Boots, said: "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 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."
Newly appointed Boots chief executive Alex Baldock said: "Every day, our colleagues give millions of people longer, healthier and happier lives. Those customers and patients trust in Boots' unmatched authority, capability and leadership across health, wellness and beauty.
"For all of our social impact and commercial success to-date, the opportunity ahead is even greater. I look forward to making the most of that opportunity and building a world-class Boots for our colleagues, customers, patients and communities."
The transaction is anticipated to complete in the first quarter of 2027, pending regulatory approvals.
