Wednesday, 7 October 2026
Boots is set for another change of ownership after Canada’s Wittington Investments agreed to acquire the pharmacy and health and beauty retailer in a transaction valued at approximately USD 8.9 billion, including assumed debt. Fairfax Financial Holdings is partnering with Wittington on the acquisition, which is expected to complete in the first quarter of 2027.
The transaction includes Boots’ retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company and its activities in Thailand and franchise markets. Farmacias Benavides in Mexico and Alliance Healthcare Deutschland are outside the transaction and will remain with their current owner.
Fairfax has committed up to approximately USD 2.3 billion towards the purchase and is expected to own half of Boots’ equity following completion. Wittington, the private investment company controlled by Canada’s Weston family, will have operational control, while Galen Weston is due to become chairman.
The acquisition transfers control of one of the UK’s largest physical retail networks. Boots operates more than 1,800 stores and employs over 50,000 people, giving the transaction a significant property dimension across high streets, shopping centres and other retail locations throughout the UK and Ireland.
Wittington has indicated that further capital will be directed towards Boots following the acquisition. Plans include investment in stores, improvements to the retailer’s online operations and further development of healthcare services. No programme of store disposals, closures or wider restructuring of the Boots property network has been announced as part of the transaction.
The Weston group already has substantial exposure to grocery, pharmacy and retail property in Canada. Wittington controls George Weston Limited, which in turn controls Loblaw Companies and Choice Properties. Loblaw operates more than 2,800 locations and owns Shoppers Drug Mart, while Choice Properties has approximately 700 properties, including 44.6 million sq ft of necessity-led retail space.
The deal also marks a return to large-scale British retail investment for the Canadian Weston family. Wittington previously controlled Selfridges between 2003 and 2021 before the department-store business was sold.
Boots is changing ownership little more than a year after private equity group Sycamore Partners acquired Walgreens Boots Alliance and separated its businesses. Sycamore and the Pessina family will retain interests outside the Boots assets included in the latest transaction.
The acquisition remains subject to regulatory approvals and other closing conditions. If completed as planned in early 2027, Boots will enter its next phase under an ownership structure combining Wittington’s operational control with Fairfax as a major long-term capital partner.
