Canada's Weston Family Buys Boots in $8.9bn Deal, Ending Pessina Era
Canada's billionaire Weston family has agreed to buy Boots' UK and Ireland business for $8.9bn (£6.7bn), taking the 177-year-old chain from Sycamore Partners and the Pessinas.
The Canadian billionaire Weston family is set to take over Boots, one of Britain's best-known High Street names. Wittington Investments, the family's holding company, confirmed on Wednesday that it had agreed to buy the 177-year-old pharmacy and beauty chain.
What the deal includes
Wittington is buying Boots' retail operations in the UK and Ireland, Boots Opticians, the No7 Beauty Company and its Thailand and franchised businesses. It will have operational control and is backing the purchase in partnership with Fairfax Financial Holdings, a Toronto-based holding company.
The sellers are the US private equity firm Sycamore Partners and the family of Stefano Pessina. Sycamore and the Pessinas will keep Boots Group's Farmacias Benavides pharmacy chain in Mexico and Alliance Healthcare Deutschland in Germany.
The deal is subject to regulatory approval. The BBC says completion is expected in early 2027, while the Guardian specifies the first quarter of that year.
Who are the Westons?
The family's Canadian branch owns the grocery chain Loblaws and the Shoppers Drug Mart pharmacy business. It also owned the London department store Selfridges before selling it. The BBC and the Guardian give different years and currencies for that sale, so those details are not repeated here.
A separate UK branch of the family is the majority owner of Associated British Foods, the parent company of Primark. The BBC reports that the Westons ranked fifth on this year's Sunday Times Rich List, with a combined fortune of almost £19bn.
What the new owners say
Galen Weston, chair of Wittington, is expected to become chair of Boots. He called the chain a vital part of everyday life across the UK and Ireland. He said the family sees "a meaningful opportunity to make a great business even better" through long-term ownership, more investment and a renewed operating focus.
The BBC says he signalled plans including shop upgrades and an expansion of healthcare services.
Pessina, who took Boots private in 2007 with KKR's backing, called it "an iconic brand and a British institution". He said he was pleased to pass it to "strong and reliable owners".
Background: a chain with a busy ownership history
Boots began in 1849, when John Boot opened a herbalist store in Nottingham. It has since closed hundreds of branches, and the Guardian puts the figure at more than 300 in recent years. Lower footfall as people work from home has hurt town-centre trade.
Walgreens put Boots up for sale in 2022 with a suggested price of up to £10bn, but dropped the plan when potential buyers struggled to raise funds. A plan to float the business at about £7bn was dropped in 2024.
Retail analyst Richard Hyman called the Westons "the most encouraging ownership of Boots for many, many years". He said Boots had changed hands with "extraordinary frequency" and that owners had stripped value out of it. He thinks it could make more of its loyalty scheme and services. The Guardian says it is unclear whether more shops will close.
What it means for you
Nothing changes in stores immediately, because the deal still needs regulatory approval and is not expected to close until early 2027. Shoppers may later see refurbished shops and more healthcare services, which the new owners have signalled. Plans on store closures have not been announced.
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Quick answers
How much is Boots being sold for?
The price is $8.9bn, which the BBC and Guardian convert to about £6.7bn.
When will the Boots sale go through?
It is expected to complete in early 2027, depending on regulatory approval.
Will Boots stores close?
The sources say it is unclear whether the new owners plan more closures. Boots currently has about 1,800 UK stores.
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