Weston family agrees $8.9bn deal to acquire Boots

The Weston family’s Canadian holding company has agreed to acquire Boots in a deal worth $8.9 billion, including assumed debt.

Wittington Investments will buy Boots’ retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company and the retailer’s Thailand and franchised businesses.

Fairfax Financial Holdings is partnering with Wittington on the acquisition, although Wittington is expected to retain operational control.

The transaction is subject to regulatory approval and other customary closing conditions. It is expected to complete during the first quarter of 2027.

The deal places one of the UK’s largest health and beauty retailers under the ownership of a family with extensive grocery and pharmacy interests in Canada, including Loblaw and Shoppers Drug Mart.

Boots operates more than 1,800 stores and has continued to expand its digital and social-commerce activity alongside its physical estate.