Canada’s Weston Family Buys UK Pharmacy Chain Boots for $8.9 Billion
Boots, the historic British High Street pharmacy chain, has been acquired in an $8.9 billion (£6.7bn) transaction by the Weston family, the Canadian billionaires behind Loblaw Companies and Shoppers Drug Mart, bbc.com reported. The deal, announced on October 7, 2026, transfers ownership of the retailer’s UK and Ireland operations, Boots Opticians, the No7 Beauty Company, and its Thailand and franchised businesses from private equity firm Sycamore Partners and Stefano Pessina.
The transaction includes assumed debt and brings together two retail giants across the Atlantic. Fairfax will hold a 50% equity stake in Boots following the close of the transaction, while Wittington will maintain operational control. Galen Weston is slated to become the chairman of Boots’ board of directors.
Weston Family Acquires Business with 1,800 Stores
The acquisition values the business at a level near previous valuation discussions. In 2024, a plan to float the business at a valuation of about £7bn was dropped, and in 2022, Walgreens had put the business up for sale with a £10bn price tag before pulling plans as potential buyers struggled with financing, The Guardian reported. The retail network currently spans approximately 1,800 stores and employs 51,000 people across the UK, following hundreds of branch closures in recent years.
Unlike private equity owners focused on rapid turnaround, the Weston family enters the arrangement with a history of long-term retail holding, including their prior ownership of the London department store Selfridges from 2003 until its sale for $4bn in 2022.
New Owners Exclude International Assets from Acquisition
The acquisition excludes certain international assets. Stefano Pessina and Sycamore Partners will retain ownership of Farmacias Benavides in Mexico and Alliance Healthcare Deutschland in Germany. For the core UK business, leadership anticipates targeted capital investments rather than immediate overhauls. Shoppers are unlikely to notice sudden changes in stores immediately, though capital injection over time aims to improve the overall shopping experience and expand healthcare offerings, according to retail analysts cited by bbc.com.
Regulatory approvals remain required before final completion. All participating corporations project the transaction to close formally during the first quarter of 2027, setting the stage for a multi-year operational strategy under Canadian stewardship.