Weston family agrees to acquire Boots for US$8.9 billion

Wittington Investments, the Weston family’s holding company, has agreed to acquire Boots and associated businesses from Sycamore Partners and Stefano Pessina’s family in a transaction valued at US$8.9 billion, including assumed debt. The agreement covers Boots’ retail operations in the United Kingdom and Ireland, its Thailand and franchised businesses, Boots Opticians and No7 Beauty Company. The transaction has not closed. It is subject to regulatory approvals and customary closing conditions, and is expected to be completed in the first quarter of 2027. Wittington says it will have operational control after closing. Galen Weston, Wittington’s chairman, is to become Boots’ chairman. Fairfax Financial Holdings is partnering with Wittington in the acquisition. One report said Fairfax would hold 50% of Boots’ equity, but the transaction announcement and other accounts did not specify a percentage. Wittington’s operational control was identified in the announcement. Sycamore and Pessina’s family will retain other interests associated with The Boots Group, including Farmacias Benavides in Mexico and Alliance Healthcare Deutschland.