Key facts
- Wittington Investments, the holding company of Canada's billionaire Weston family, has agreed to buy Boots for $8.9 billion.
- Sycamore Partners, the current owner of Boots, is selling the pharmacy chain.
- The deal includes Boots' UK and Ireland retail operations, Boots Opticians, No7 Beauty Company, and its Thailand and franchised businesses.
- Galen Weston, chairman of Wittington Investments, stated the firm sees an opportunity for long-term ownership and capital investment.
- Boots reported revenues of £7.5 billion and pre-tax profit of £337 million for the year to August 2025.
The UK pharmacy and retail chain Boots has been sold for $8.9 billion (£6.7 billion) to Wittington Investments, the holding company of Canada's billionaire Weston family. The deal was confirmed on Wednesday by Wittington Investments, which is acquiring Boots from US private equity firm Sycamore Partners.
Sycamore Partners had owned Boots for 18 months. The sale encompasses Boots' retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company, and its businesses in Thailand and franchised operations. Galen Weston, chairman of Wittington Investments, stated that the firm sees 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."
Boots currently operates approximately 1,800 stores across the UK and employs 51,000 people. In the year ending August 2025, the company reported revenues of £7.5 billion and a pre-tax profit of £337 million, marking a 25% increase in profit. The company has faced challenges in recent years, including growing debt and shifts in consumer habits, leading to store closures.
The Weston family has a significant presence in retail, owning the Canadian grocery chain Loblaws and pharmacy business Shoppers Drug Mart. They previously owned the department store Selfridges, which was sold in 2022 for $4 billion. The family also holds a majority stake in Associated British Foods, the parent company of Primark.