Weston family to buy UK's Boots from Sycamore Partners in $8.9B deal

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Summary · why it matters

Canada's Weston family has agreed to buy the UK's Boots Group from private equity firm Sycamore Partners for $8.9 billion, including debt. Under the agreement, Wittington Investments, the Weston family's Canada-based holding company, will acquire Boots' retail operations in the UK and Ireland, along with Boots Opticians, No7 Beauty Company, and its Thailand and franchised businesses. Sycamore, which took control of Boots last year through a $23.7 billion purchase of Walgreens Boots, will retain ownership of the Boots Group's other interests in Farmacias Benavides and Alliance Healthcare Deutschland in partnership with Stefano Pessina and his family. Toronto-based holding company Fairfax Financial is partnering with Wittington on the acquisition, with Wittington holding operational control upon close, and the deal is expected to close in Q1 of 2027. Wittington Investments owns the Canadian grocery chain Loblaws and pharmacy chain Shoppers Drug Mart.

Impact on assets 1

Health Care▲

Off-coverage companies 8

Alliance Healthcare Deutschlandi
Private± Mixedrelevance

Boots (The Boots Group)i
Private± Mixedrelevance

Farmacias Benavidesi
Private± Mixedrelevance

No7 Beauty Companyi
Private± Mixedrelevance

Shoppers Drug Marti
Private± Mixedrelevance

Sycamore Partnersi
Private± Mixedrelevance

Walgreens Boots Alliancei
Private± Mixedrelevance

Wittington Investmentsi
Private± Mixedrelevance