High Street pharmacy and retail chain Boots has been sold to Wittington Investments, the holding company owned by Canada’s billionaire Weston family, in an $8.9 billion (£6.7 billion) transaction, the BBC reported.
Wittington Investments confirmed on Wednesday that it reached an agreement to acquire Boots from US private equity firm Sycamore Partners. The sale comes after a brief ownership period, with Sycamore having controlled the UK health and beauty retailer for just 18 months following its takeover from previous owners.
The multi-billion-dollar deal encompasses Boots’ extensive retail footprint across the UK and Ireland, along with Boots Opticians, No7 Beauty Company, and its international commercial entities in Thailand and franchised markets. Galen Weston, chairman of Wittington Investments, highlighted the brand’s heritage, stating that the company plays a vital role in everyday life across the region.
The deal is expected to complete in early 2027, subject to customary regulatory approvals. The acquisition marks a significant shift in corporate ownership for the iconic 177-year-old brand as it transitions back into strategic family-held investment management.
Boots has navigated substantial operational headwinds in recent years, driven by mounting debt burdens and evolving consumer habits as shoppers increasingly migrate to lower-cost online alternatives. In response to shifting retail dynamics, the business underwent aggressive restructuring, shuttering hundreds of branches. The chain currently maintains approximately 1,800 store locations and employs 51,000 staff members across its operations.