Canada’s Weston family, through its Loblaws parent, is acquiring UK pharmacy chain Boots for $8.9 billion including debt. The deal, executed via Wittington Investments, purchases Boots from Sycamore Partners and the Pessina family, marking a return for the Westons who previously owned Selfridges. Boots operates over 1,800 stores across the UK and Ireland, reporting £7.5 billion in revenue for the year ending August 2025.
The chain has seen multiple ownership changes, including a leveraged buyout by KKR and Stefano Pessina, followed by acquisition by Walgreens. Under new CEO Alex Baldock, an IPO had been speculated, but the Westons will now take operational control. The partnership includes Fairfax Financial Holdings, a Toronto-based firm.
Many Boots locations require upgrades and refurbishment under the new ownership.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing