Sycamore Partners and the Pessina family have signed a definitive agreement to sell Boots to Wittington Investments, the Canada-based holding company of the Weston family, for a total purchase consideration of $8.9 billion, including assumed debt. Wittington will acquire Boots' retail operations in the UK and Ireland, Boots Opticians, the No7 Beauty Company, and the Thailand and franchised businesses.
Sycamore, in partnership with Stefano Pessina and his family, will retain the Boots Group's other interests in Farmacias Benavides and Alliance Healthcare Deutschland. Boots has operated for more than 177 years and has more than 50,000 employees.
Fairfax Financial Holdings, a Toronto-based holding company, is partnering with Wittington on the acquisition, with Wittington having operational control at closing. Galen Weston, chairman of Wittington, will become chairman of Boots upon closing. Wittington plans to keep investing in Boots, including upgrading stores, optimizing the online experience and supporting the expansion of healthcare services available to customers.
The transaction is subject to certain regulatory approvals and customary closing conditions and is expected to close in the first quarter of 2027. UBS Investment Bank and Rothschild & Co are lead financial advisers to the Boots Group.
Source: PE Hub · Summarized by HeadlinesBriefing