The acquisition comes from Sycamore Partners, which holds the majority stake alongside Stefano Pessina and his family. This deal is being executed jointly with Fairfax Financial Holdings Ltd.
Partnership structure and leadership transitions
The move expands Wittington’s holdings, as the company, majority owner of George Weston Ltd., will gain control over Boots’ U.K. and Irish retail network, including Boots Opticians, the No7 Beauty brand, and Boots’ franchise operations in Thailand. Upon completion, Galen Weston, Wittington’s chairman, will assume the chairmanship of Boots, while current CEO Alex Baldock will remain in his position. The acquisition secures over 2,000 Boots locations for Wittington, primarily in the U.K. with additional sites in Ireland and Thailand.
As the parent entity for George Weston Ltd., Wittington oversees significant stakes in Loblaw Companies (L-T), which operates more than 2,800 stores and includes Canada’s largest pharmacy chain, Shoppers Drug Mart. The company also manages Choice Properties REIT (CHP-UN-T), holding approximately 700 properties totaling 44.6 million square feet of essential retail space.
Sycamore Partners, alongside Stefano Pessina’s family, will maintain ownership of Boots’ remaining interests in Farmacias Benavides and Alliance Healthcare Deutschland. The transaction is slated for finalization in early 2025.
Related Post: Barnett seeks $3.8 billion loan for Upper West Side supertall
Boots’ future direction
“We hold the utmost regard for Boots’ historical significance and its dominant market standing. This acquisition presents an opportunity to raise an already strong business through sustained ownership, increased investment, and a renewed focus on delivering exceptional customer service for future generations,” he added.
“For over 177 years, Boots has remained central to communities, delivering top-tier care and beauty solutions as the preferred choice for health and wellness needs,” the statement reads.
Fairfax, separately, confirmed its commitment to financing up to US$2.3 billion of the purchase. After the deal’s completion, Fairfax will own half of Boots’ equity, while Wittington will retain operational leadership.
Prem Watsa, Fairfax’s chairman and CEO, praised the collaboration.
