Weston family to buy Boots pharmacy chain for $8.9 billion

The Canadian branch of the billionaire Weston family, through its holding company Wittington Investments, has agreed to acquire the iconic British pharmacy and beauty retailer Boots for $8.9 billion including debt. Partnering with Toronto-based Fairfax Financial Holdings, which is acquiring a 50% stake for $2.3 billion, the Westons will assume operational control of the 1,800-store chain. The deal marks the exit of Sycamore Partners and Stefano Pessina, ending Pessina's 20-year association with the brand. The new owners plan to upgrade physical stores, optimize digital platforms, and expand healthcare services.

Details of the acquisition

• ▪The acquisition includes Boots' retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company, its Thailand operations, and its franchised businesses.
• ▪The acquisition of Boots is expected to close in the first quarter of 2027, subject to regulatory approval, and will see Galen Weston become the chairman of Boots.
• ▪The Canadian branch of the Weston family, through its holding company Wittington Investments, agreed on October 7, 2026 to buy the UK pharmacy and beauty retailer Boots for $8.9 billion including debt.

Fairfax Financial Holdings' involvement

• ▪Toronto-based asset manager Fairfax Financial Holdings, led by Prem Watsa, is backing the acquisition by paying $2.3 billion for a 50 percent stake in Boots, while Wittington Investments retains operational control.
• ▪Fairfax Financial Holdings, which holds a $110 billion investment portfolio, also owns Canadian retailers Sporting Life Group and Sleep Country.

Investment and growth plans

• ▪The new owners plan to invest in Boots' customer loyalty strategy, leveraging experience from Loblaw's PC Optimum program, which has 18 million members, to enhance Boots' 17-million-member Advantage Card program.
• ▪Wittington Investments plans to invest in Boots by upgrading its physical stores, optimizing its online experience, and expanding its available healthcare services.

Exit of previous owners

• ▪The transaction marks the exit of private equity firm Sycamore Partners and billionaire Stefano Pessina, who had held a 44 percent stake in Boots.
• ▪Sycamore Partners and Stefano Pessina's family will retain ownership of Boots' interests in the Mexican pharmacy chain Farmacias Benavides and the German drug distributor Alliance Healthcare Deutschland.

Boots' operations and financial performance

• ▪In the fiscal year ended August 31, 2025, Boots' revenue grew by 3.2 percent to £7.5 billion, while its operating profit rose by nearly 30 percent to £355 million.
• ▪Boots has closed more than 300 underperforming locations in recent years due to rising high street retail costs, shifting online trade, and competition from discounters.
• ▪Boots operates approximately 1,800 stores across the United Kingdom and Ireland and employs between 50,000 and 51,000 people.

Debatable claims

• ▪Boots should halt further store closures to protect its high street presence
• ▪Frequent private equity ownership has damaged Boots' long-term business prospects
• ▪Foreign ownership of iconic national retailers like Boots undermines domestic economic resilience
• ▪Expanding clinical healthcare services is the most effective way to revitalize high street pharmacies