Boots to be bought by Canada's Weston family for GBP6.7 billion

High street pharmacy chain Boots is to be bought by the Canadian branch of the billionaire Weston family for USD8.9 billion, around £6.7 billion.

Wittington Investments, the Weston's holding company, will buy the business from majority owner, private equity firm Sycamore Partners, and the Pessina family.

It comes only a year after Sycamore took over Boots through the acquisition of parent firm Walgreens Boots Alliance, before splitting the business into divisions.

Boots, which was founded in Nottingham in 1849, has more than 1,800 UK stores.

The takeover deal will see Wittington acquire Boots' retail and pharmacy operations in the UK and Ireland, Boots Opticians, the No7 Beauty Company, and its Thailand and franchise businesses.

The Canadian Weston family, which owns the grocery chain Loblaws and pharmacy business Shoppers Drug Mart in Canada through Wittington, first held talks to buy Boots earlier this year after it was put up for sale.

The move marks a return to UK retail for the family after they sold luxury department store business Selfridges for £4 billion in 2022.

The Weston family's British side is the majority owner of Primark through its parent firm Associated British Foods PLC, which also owns grocery brands including Twinings and Ryvita.

The whole Weston family was ranked fifth on this year's Sunday Times Rich List with a combined fortune of almost £19 billion.

Wittington said it is partnering with Toronto-based Fairfax Financial Holdings on the deal, with Wittington having operational control.

Fairfax's investments include Sleep Country, Canada's largest 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."

The deal is expected to close in the first quarter of 2027 and is subject to regulatory approvals.

source: PA

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