Canada arm of Weston family to buy Boots in $8.9bn deal

By the Editorial Team · Thursday, October 8, 2026

The Canadian Weston family has agreed to acquire the UK health and beauty retailer Boots for $8.9 billion, ending Stefano Pessina's two-decade involvement with the company. This purchase marks the Westons' re-entry into the UK retail market and aims to enhance Boots through long-term ownership and increased investment, with the deal expected to close in early next year.

The Canadian branch of the Weston family has agreed to acquire the UK health and beauty retailer Boots in a deal valued at $8.9 billion, marking the company’s second ownership change within just over a year. This transaction also brings an end to Stefano Pessina’s two-decade association with the group.

The Weston family, known for their ownership of grocery chain Loblaws and pharmacy retailer Shoppers Drug Mart, announced that they had entered into a definitive agreement to purchase Boots from private equity firm Sycamore Partners. Galen Weston Jr, chair of the family’s Wittington investment vehicle, said the deal presents an opportunity to enhance the business through stable long-term ownership and increased capital investment, with a focus on serving customers effectively for generations.

Sycamore Partners acquired Boots last year as part of a $23.7 billion purchase of its parent company, Walgreens Boots Alliance. This acquisition was made in partnership with Pessina and his family. Following the takeover, Sycamore separated the group into five independent companies, including Boots, in which Pessina and his family maintain a 44 percent stake.

Pessina, alongside his partner Ornella Barra, has been closely tied to Boots since 2006, when they merged it with their European pharmaceuticals business, Alliance UniChem. In a statement, Pessina expressed satisfaction in transferring ownership to parties he described as strong and reliable, acknowledging their understanding of Boots’ valued heritage.

The transaction includes an alliance between the Westons’ Wittington vehicle and Toronto-based Fairfax Financial Holdings. However, Sycamore and Pessina will retain control over Boots’ operations in Mexico’s Farmacias Benavides and Germany’s Alliance Healthcare Deutschland. The completion of the deal is anticipated in the first quarter of next year.

This acquisition signals the Weston family’s return to the UK retail market nearly five years after selling the luxury department store Selfridges for £4 billion to a Thai conglomerate. The British branch of the family continues to oversee fast-fashion chain Primark and owns the upscale department store Fortnum & Mason.

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