Businessupdated 1h ago2 min read
Wittington Investments Agrees to Buy Boots From Sycamore Partners for $8.9 Billion
Weston family’s Wittington Investments to acquire Boots for $8.9 billion including debt Deal involves Fairfax Financial partnering with Wittington; Boots UK and Ireland operations to transfer
Boots sold for $8.9bn
Wittington Investments, the holding company of the Weston family, agreed on Wednesday to buy Britain's Boots from Sycamore Partners and the Pessina family in an $8.9 billion deal. Galen Weston, Wittington's chairman who will become chairman of Boots, said, "Boots is one of Britain's most enduring businesses, with a rich heritage, a trusted name and a vital role in everyday life across the UK and Ireland." Wittington said it would buy Boots' retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company, as well as its Thailand and franchised businesses.
Sycamore, in partnership with Pessina and his family, will retain ownership of The Boots Group's other interests, which are in Farmacias Benavides and Alliance Healthcare Deutschland. The deal is expected to close in the first quarter of 2027, subject to regulatory approvals and customary closing conditions.
Who buys, who keeps
Wittington Investments confirmed it had agreed to buy the 177-year-old retailer on Wednesday from US private equity firm Sycamore Partners and the Pessina family. Boots started as a simple apothecary in Nottingham in 1849 and later expanded to sell health and beauty products, meal deals and travel accessories. Wittington plans to continue to invest in Boots' stores and online and expand healthcare services, and it quoted the company saying it would invest in "upgrading stores, optimizing the online experience and supporting the expansion of healthcare services."
Galen Weston will become chairman of Boots and the Weston family will be buying Boots' retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company and its Thailand and franchised businesses. Sycamore Partners, in partnership with Stefano Pessina and his family, will retain ownership of The Boots Group's Farmacias Benavides in Mexico and Alliance Healthcare Deutschland in Germany.
Scale, staffing, and plans
Boots trades from over 1,800 stores and employs more than 50,000 people, and Wittington said it would invest in the retailer's stores and online and expand healthcare services. Boots has about 1,800 stores and 51,000 employees, and Boots generated £7.5bn in sales in its most recent annual results, a 3.2% increase on 2024. Catherine Shuttleworth, chief executive of savvy marketing, told the BBC that shoppers were unlikely to see much change to stores in the coming months, but added what they can "expect over time is an improved shopping experience as the new owners invest in the business."
The Weston family will buy Boots' retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company and its Thailand and franchised businesses, while Fairfax Financial Holdings will partner with Wittington on the acquisition. Former Currys boss Alex Baldock was recently appointed as CEO of Boots, whose former owner Walgreens Boots Alliance was taken private by Sycamore for $10 billion in March 2025.