Boots sold to Canada's Weston family in £6.7 billion takeover deal

High street retailer Boots is set to be acquired by the Canadian branch of the billionaire Weston family for 8.9 billion US dollars (£6.7 billion).

The Weston family holding company, Wittington Investments, will acquire the business from majority owner Sycamore Partners, a private equity firm, and the Pessina family.

The transaction follows just twelve months after Sycamore gained control of Boots by purchasing parent group Walgreens Boots Alliance and subsequently dividing the business into separate arms.

First established in Nottingham in 1849, Boots currently trades from more than 1,800 stores across the UK.

Under the acquisition, Wittington takes ownership of Boots’ retail and pharmacy operations in the UK and Ireland, Boots Opticians, No7 Beauty Company, plus its Thailand and franchise businesses.

Holding Canadian supermarket chain Loblaws and pharmacy retailer Shoppers Drug Mart through Wittington, the Canadian branch of the Weston family first opened talks to purchase Boots earlier this year after it went up for sale.

The purchase signals a return to British retail for the family, who previously disposed of high-end department store chain Selfridges for £4 billion in 2022.

Meanwhile, the British arm of the Weston family holds controlling ownership of Primark through its parent company Associated British Foods, which also owns grocery labels including Twinings and Ryvita.

In total, the wider Weston dynasty placed fifth in this year's Sunday Times Rich List, holding a overall fortune approaching £19 billion.

Wittington stated it is partnering with Toronto-headquartered Fairfax Financial Holdings on the takeover, with Wittington maintaining operational control.

Among Fairfax’s portfolio is Sleep Country, Canada’s primary mattress retailer and the owner of Simba Sleep in the UK.

Galen Weston, chairman of Wittington – who will 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."

Alex Baldock, the recently appointed chief executive of Boots, 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."

Subject to necessary regulatory approvals, the transaction is expected to complete during the first quarter of 2027.