Boots sold in £7bn deal to Canadian billionaire family

High street pharmacy and cosmetics staple Boots has been acquired by Canada's billionaire Weston dynasty in an $8.9 billion deal valued at roughly £6.7 billion.

The agreement was confirmed on Wednesday by Wittington Investments, the family's holding group, which is partnering with Toronto-based Fairfax Financial Holdings. The transaction transfers ownership of the 177-year-old retailer from American private equity group Sycamore Partners and the Pessina family. The sale is projected to conclude in early 2027.

Under the terms of the acquisition, the Weston family will take over the primary Boots retail network across the UK and Ireland, the Boots Opticians arm, the No7 Beauty Company, alongside franchised stores and operations in Thailand. Sycamore Partners and Stefano Pessina's family are set to keep control of overseas assets including Alliance Healthcare Deutschland in Germany and Farmacias Benavides in Mexico.

Weston, who will step into the role of chairman at Boots, stated that the incoming leadership plans to offer stable long-term backing, channel fresh capital into the stores, and expand its medical and healthcare offerings. The family has extensive experience in retail, currently controlling Canadian grocer Loblaws and pharmacy chain Shoppers Drug Mart, and previously holding London department store Selfridges until 2021. The separate British branch of the Weston family holds a controlling stake in Associated British Foods, which runs Primark.

Originally founded by John Boot in Nottingham in 1849 as an herbalist shop, Boots grew into a nationwide institution known for health services, optometry, beauty ranges, and its widely used Advantage Card loyalty scheme. In modern times, the business has faced headwinds from shifting shopping patterns and remote working routines that lowered visits to city centres. Following hundreds of shop closures in recent years, the firm currently employs around 51,000 workers across approximately 1,800 locations.

Despite these market pressures, the company recorded £7.5 billion in sales in its latest full-year results, marking a 3.2 percent rise compared to 2024.

Retail analyst Catherine Shuttleworth of Savvy Marketing observed that consumers should not expect immediate transformations in the coming months, but anticipated that shoppers will eventually benefit from an improved environment as fresh funds are injected into the business. She noted that health and beauty represents a major growth sector and suggested that ending a cycle of frequent ownership shifts will help the company refocus after an extended period of corporate distractions. Sycamore had held Boots for just 18 months prior to the agreement.