Westons to buy U.K. pharmacy chain Boots for US$8.9B

TORONTO – The family behind Canada’s biggest pharmacy and grocery chains is growing its empire with the acquisition of U.K. drugstore Boots.

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

Along with Boots’ retail operations in the United Kingdom and Ireland, Wittington will acquire its operations in Thailand, franchised businesses, its optical division and No7 Beauty Co. 

Toronto-based holding company Fairfax Financial Holdings Ltd. said it will chip in up to US$2.3 billion for the purchase and after the transaction’s closing, expected in the first quarter of 2027, will have a 50 per cent stake in Boots.

Wittington will retain operational control, and Galen Weston will become Boots’ chairman.

Weston, who declined an interview request on Wednesday, said in a press 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.”

However, he hinted there is some room for improvement.

“We see a meaningful opportunity to make a great business even better through stable long-term ownership, further capital investment, and the renewed operating focus required to serve customers with excellence for generations to come,” he said.

Boots is among Britain’s most prominent retailers and has many similarities to Shoppers Drug Mart, the Canadian pharmacy giant with ties to the Westons.

The Westons are best known in Canada for building Loblaw Cos. Ltd. and George Weston Ltd. and owning luxury department store Holt Renfrew. Loblaw bought Shoppers Drug Mart in 2014.

The British branch of the family also has a stake in Associated British Foods, the parent company of value retailer Primark and the makers of Twinings tea, Mazola oils, Mazzetti vinegars, Ovaltine and Fleischmann’s yeast.

Boots has a long history in Britain. It was founded as an herbalist in 1849 and remains a high street mainstay, but in recent years has faced intense competition from cosmetics giants like Sephora.

Keeping up with rivals will require investment to freshen up the brand, but Neil Saunders, managing director of GlobalData, thinks Wittington is up for the task.

Its ownership “understands retail and has a track record of growing businesses rather than taking the private equity approach of running them into the ground,” he said in an email. 

He doesn’t think Wittington will make dramatic changes to the business immediately but over time, he expects to see better Boots stores, more innovation in beauty, an improved e-commerce business and an expansion of its house cosmetics brand No7. It’s possible Boots will also focus more on wellness, preventive medicine and diagnostics, Saunders said.

While the retailer is not as well-known in Canada, it operated for a time in the country.

If Boots were to make a Canadian return it could become a competitor with Shoppers, which counts about 1,350 stores in Canada. Boots has roughly 1,800 locations in the United Kingdom.

Even if it doesn’t make the move, both businesses would benefit from the transaction because they can share best practices and perhaps, infrastructure, predicted Amar Singh, a senior director at consultancy firm Kantar.

European retailers often use experiential stores with clean, shorter shelves to create an elevated shopping experience.

“We can see a lot of that reverse osmosis coming into Canada, which will be great for (the) shopper experience,” he said in an interview. 

When a Boots acquisition by the Westons was rumoured in late September, RBC Capital Markets analyst Irene Nattel said she thought a deal would make some sense.

“We believe there is substantial organizational knowledge and understanding of retail pharmacy within the Weston family of businesses and investments, knowledge that would prove extremely useful should a transaction come to fruition,” she wrote in a Sept. 30 note to investors.

She didn’t see a potential deal as having much impact on Loblaw or George Weston, if it were completed through Wittington.

As part of the deal announced Wednesday, Sycamore Partners, along with Stefano Pessina and his family, will retain ownership of The Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland.

Pessina was previously the chair of Boots and bought the chain in 2007 before selling it to Sycamore and retaining a stake in the business.

A spokesperson for Sycamore said no one from the company was available for an interview about the transaction Wednesday.

“One year ago, we re-established Boots as a standalone company, allowing its management team and more than 50,000 colleagues to focus solely on their business and customers,” said Sycamore’s managing director Stefan Kaluzny, in a press release. 

“This transaction is a testament to the work they have done and the incredibly bright future ahead.”

– With files from Ritika Dubey

This report by The Canadian Press was first published Oct. 7, 2026.

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