Boots Sold for $8.9 Billion as Canada’s Weston Family Takes Control
Canada’s Weston family is set to take ownership of British pharmacy and beauty retailer Boots in a deal valued at approximately $8.9 billion (£6.7 billion), including assumed debt, marking another major change in ownership for one of the UK’s best-known health and beauty businesses.
The agreement, announced on October 7, will see Wittington Investments, the Weston family’s Canadian holding company, acquire Boots from Sycamore Partners and the Pessina family. Canadian investment company Fairfax Financial Holdings is partnering with Wittington on the transaction.
The deal covers Boots’ retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company, as well as its Thailand and franchised businesses. The transaction does not include Farmacias Benavides in Mexico or Alliance Healthcare Deutschland, which will remain with the existing owners.
For the beauty industry, the inclusion of No7 is particularly significant. The long-established beauty brand gives the new owners exposure to a major skincare and cosmetics business alongside Boots’ extensive retail network.
A major retail footprint
Boots currently operates around 1,800 stores across the UK and employs more than 50,000 people, giving the Weston family control of one of Britain's largest pharmacy-led health and beauty networks.
The acquisition also brings considerable retail experience to Boots. The Weston family controls Loblaw, one of Canada’s largest retailers, which owns Shoppers Drug Mart, a major pharmacy, health and beauty business. Wittington also previously owned London's Selfridges department store.
The new owners have indicated that they intend to invest in Boots rather than simply maintain its existing operations. Priorities include upgrading stores, improving the company's online experience and expanding healthcare services.
That strategy could also create opportunities for Boots' beauty business as consumers increasingly move between physical stores, digital shopping and personalised health and skincare services.
The acquisition comes only around a year after Sycamore Partners acquired Boots as part of its takeover of Walgreens Boots Alliance, making this another significant ownership transition for the retailer.
Galen Weston, chairman of Wittington, is expected to become chairman of Boots when the transaction closes. The deal remains subject to regulatory approval and is expected to be completed in the first quarter of 2027.
For the beauty sector, the transaction is worth watching closely. With a huge physical footprint, a recognised beauty brand in No7 and an owner with experience in pharmacy and beauty retail, Boots is entering a new chapter focused on investment, digital growth and strengthening its position across the health and beauty market.