Canada’s Weston Family and Fairfax Financial Partner to Buy UK’s Boots in $8.9B Deal

The Canadian branch of the Weston family agreed on Wednesday to buy Britain’s Boots from Sycamore Partners and the Pessina family in an $8.9 billion deal, pledging to invest in the retailer’s stores and online and expand healthcare services.

Wittington Investments Limited, the Weston holding company, said it would buy Boots’ retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company as well as its Thailand and franchised businesses.

“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,” said Galen Weston, Wittington’s chairman, who will become chairman of Boots, which trades from over 1,800 stores and employs more than 50,000 people.

Editor’s note — Fairfax Financial, which is primarily engaged in property/casualty insurance and reinsurance and associated investment management, issued the following statement in connection with the transaction: “Fairfax entered into an equity commitment letter pursuant to which it has agreed to provide, or cause an affiliate of it to provide, up to approximately US$2.3 billion for the purposes of satisfying the purchase price to be paid for Boots,” said Fairfaix in a statement. “Following the closing of the transaction, it is expected that Fairfax will own 50% of the equity of Boots, with Wittington having operational control and Galen Weston serving as chair of Boots.”

“We see a meaningful opportunity to make a great business even better,” Weston said of Boots, which is based in Nottingham, central England.

Private equity group Sycamore, in partnership with Pessina and his family, will retain ownership of The Boots Group’s other interests, which are in Farmacias Benavides and Alliance Healthcare Deutschland.

The Weston group owns Canadian grocer Loblaw and Shoppers Drug Mart, Canada’s largest pharmacy, health and beauty business and owned London department store Selfridges from 2003 to 2021.

The British side of the Weston family is the majority shareholder of Primark-owner Associated British Foods.

Westons Partner With Fairfax Financial

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

“Wittington plans to continue to invest to build on Boots’ strengths and potential, including upgrading stores, optimizing the online experience and supporting the expansion of healthcare services,” it said.

The deal is expected to close in the first quarter of 2027.

Former Currys boss Alex Baldock was recently appointed as CEO of Boots, whose former owner Walgreens Boots Alliance was taken private by Sycamore for $10 billion in March 2025.

Reuters reported in April that a sale of Boots was possible.

(Reporting by Raechel Thankam Job and Neeshita Beura in Bengaluru and James Davey in London; Editing by Joyjeet Das, Emelia Sithole-Matarise and Alexander Smith)