UK pharmacy and beauty retailer Boots is set to be acquired by the Canadian branch of the billionaire Weston family, whose UK arm is the majority owner of Primark, in an USD 8.9 billion (GBP 6.7 billion) takeover deal.
Under the terms of the agreement, the family’s Wittington Investments, in partnership with Toronto-based Fairfax Financial Holdings, will acquire Boots’ retail operations in the UK and Ireland, Boots Opticians and No7 Beauty Company, as well as Boots’ Thailand and franchised businesses.
Boots’ current majority owners, private equity firm Sycamore Partners, and Stefano Pessina and his family, will retain ownership of The Boots Group’s other interests in Farmacias Benavides and Alliance Healthcare Deutschland.
The transaction follows just twelve months after Sycamore gained control of Boots by purchasing parent group Walgreens Boots Alliance and subsequently dividing the business into separate arms.
The operation is subject to certain regulatory approvals and is expected to close in the first quarter of 2027. Upon closing, Galen Weston, Chairman of Wittington Investments, will become Chairman of Boots.
Wittington said the company plans to invest to build on Boots’ strengths and potential, including upgrading stores, optimizing the online experience and supporting the expansion of healthcare services available to customers.
Boots, which generated GBP 7.5 billion in sales in 2025 (a 3.2% increase on 2024), currently trades from more than 1,800 stores across the UK and employs and 51,000 staffs. Its beauty assortment has grown to more than 500 brands.
The UK retailer has many similarities to Shoppers Drug Mart (named Pharmaprix in Quebec), the Canadian pharmacy giant also owned by the Westons.
