Boots is set to change hands again after Canadian investment firm Wittington Investments agreed a £6.7bn deal to acquire the pharmacy and beauty chain from its current owners.
Wittington Investments, which is controlled by the Weston family, has agreed to take over Boots’ 1,800 stores across the UK and Ireland, along with Boots Opticians and No7 Beauty Company. The transaction, which includes the retailer’s acquired debt, is expected to complete in the first quarter of 2027, subject to regulatory approval and other conditions. More than 51,000 employees work across Boots and its associated brands in the two countries.
Weston family prepares to take control
The agreement will bring Boots under the ownership of Wittington Investments, the Weston family’s holding company, with Canadian financial services group Fairfax Financial Holdings also participating in the acquisition.
Wittington will have operational control of the business once the transaction is completed. Galen Weston, Wittington’s chairman, is expected to become chairman of Boots.
Weston said the group had “great respect for Boots’ legacy and leading market position”, adding that it saw an opportunity to strengthen the business through long-term ownership, additional investment and a renewed focus on its operations.
Boots chief executive Alex Baldock also welcomed the proposed transaction, saying the company had significant opportunities ahead despite its existing commercial performance and social impact.
Boots is changing hands again
The proposed acquisition marks another major ownership change for one of Britain’s best-known high-street retailers.
Boots was previously owned by US-based Walgreens Boots Alliance, following Walgreens’ takeover of Alliance Boots in 2014. Sycamore Partners acquired Walgreens Boots Alliance’s non-US assets in 2025, bringing Boots into private ownership.
The latest transaction would therefore see Boots move from Sycamore Partners to Wittington after only around a year as a standalone private business.
Before agreeing the sale, Sycamore had considered different options for the retailer’s future, including the possibility of returning Boots to the London Stock Exchange through a flotation.
The proposed sale to Wittington would make a near-term return to public markets unlikely.
Canadian pharmacy experience
The Weston family’s involvement gives the new owners substantial experience in the pharmacy and healthcare sector.
Through Loblaw Companies, the group owns Shoppers Drug Mart, Canada’s largest pharmacy and health-and-beauty business. That experience could become particularly relevant as Boots continues expanding its healthcare and pharmacy services.
The acquisition also creates a stronger connection between the British and Canadian retail markets.
The Weston family has previously had ownership of another major British retailer, Selfridges, although that business was sold in 2022.
The Boots purchase is separate from the Weston family’s UK interests in Primark. The Canadian Weston interests involved in Wittington operate independently from the British family interests behind Associated British Foods.
Boots has continued to grow
The deal comes despite Boots continuing to perform strongly financially.
For the year ending August 2025, Boots generated around £7.5bn in revenue, while its pre-tax profit increased by roughly 25% to £337m.
Beauty products and weight-loss treatments have been important areas of growth, with demand for pharmacy-based weight-management medicines becoming increasingly significant to the business.
Boots has also been investing in its physical stores. More than 185 locations now have redesigned beauty halls, while over 140 have updated healthcare areas.
Its digital business is also substantial, with Boots.com described as the UK’s most visited health and beauty website and offering more than 43,000 product lines.
More than 51,000 employees affected by ownership change
Boots employs more than 51,000 people across its UK and Irish operations, making the transaction significant for the high street and the wider pharmacy sector.
There has been no announcement of mass redundancies as part of the proposed acquisition.
Instead, Wittington has highlighted its intention to provide long-term ownership and invest further in the business. Any future decisions involving stores, staffing or restructuring would therefore be separate from the terms of the transaction announced on Wednesday.
Boots also has a substantial healthcare workforce, including more than 4,700 registered pharmacists and around 15,000 pharmacy technicians, dispensers, advisers and healthcare sales assistants.
Deal expected to complete in 2027
The £6.7bn headline valuation includes debt, meaning the figure does not represent £6.7bn in cash being paid directly to the existing owners.
Fairfax Financial is partnering with Wittington on the acquisition, while Sycamore Partners and Stefano Pessina’s family will retain ownership of The Boots Group’s other interests in Farmacias Benavides and Alliance Healthcare Deutschland.
Completion of the Boots transaction is expected during the first quarter of 2027, provided regulatory approval and the remaining closing conditions are satisfied.
If completed, the deal will place Boots under long-term ownership by a group that already has extensive experience operating pharmacy and health-and-beauty businesses in Canada, while giving the Westons control of one of Britain’s most recognisable retail brands.
