UK pharmacy chain Boots sold for $12.8bn

By the Editorial Team · Friday, October 9, 2026

Canada’s Weston family, via Wittington Investments, has agreed to acquire the UK pharmacy chain Boots from Sycamore Partners in a deal valued at approximately C$12.8 billion, expected to close by early 2027 pending regulatory approval. This acquisition significantly expands the Westons’ footprint in the global retail pharmacy sector, adding Boots’ operations across the UK, Ireland, Thailand, and its beauty and optician businesses to their portfolio.

Canada’s Weston family, through their holding company Wittington Investments, has agreed to acquire the UK pharmacy chain Boots from private equity firm Sycamore Partners in a transaction valued at approximately $12.8 billion Canadian dollars (US$8.9 billion), including debt. The deal was announced on Wednesday and is expected to close in the first quarter of 2027 pending regulatory approvals.

Under the agreement, Wittington will acquire Boots’ retail operations across the United Kingdom and Ireland, the Boots Opticians business, the No7 Beauty Co brand, as well as Boots’ operations in Thailand and its franchised outlets. Sycamore Partners, along with Stefano Pessina and his family—former executive chairman of Walgreens Boots Alliance—will retain ownership of Boots’ holdings in Farmacias Benavides in Mexico and Alliance Healthcare Deutschland.

This acquisition follows Sycamore’s purchase of Walgreens Boots Alliance’s international health and beauty assets just over a year ago for about US$10 billion, excluding debt. After that transaction, Boots was positioned as an independent business separate from Walgreens.

Wittington highlighted the Weston family’s extensive background in retail, pharmacy, and beauty sectors as a strategic advantage for the deal. The Weston family controls George Weston, the parent company of Loblaw, Canada’s largest food retailer and operator of the Shoppers Drug Mart pharmacy chain. The family also has significant investments in the UK through Associated British Foods, a major food manufacturer and retailer, and previously owned the British department store Selfridges from 2003 to 2021.

The acquisition is being financed in part through a partnership with Toronto-based Fairfax Financial, which has committed up to US$2.3 billion in equity. Fairfax will take a 50 percent equity stake in Boots once the transaction is completed.

The deal adds to the Weston family's portfolio in the global retail pharmacy sector, marking a significant expansion of their presence in the UK and international markets. The companies involved will continue to seek the necessary regulatory clearances before finalizing the transaction.

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