Weston family's holding company to buy U.K. pharmacy chain Boots for $12.7B

The Weston family holding company Wittington Investments said Wednesday that it will purchase Boots for $8.9 billion US (almost $12.7 billion Cdn), including debt, from private equity firm Sycamore Partners.

Along with Boots's retail operations in the U.K. and Ireland, Wittington will acquire its operations in Thailand and franchised businesses, its optical division and No7 Beauty Company.

Toronto-based holding company Fairfax Financial Holdings Ltd. will partner with Wittington on the acquisition and after its closing, expected in the first quarter of 2027, Galen Weston will become Boots's chairman, with Wittington having operational control upon close.

Weston, who declined an interview Wednesday by The Canadian Press, said in a news release that he was drawn to Boots because it is "one of Britain's most enduring businesses, with a rich heritage, a trusted name and a vital role in everyday life across the U.K. and Ireland."