The Weston family’s business empire is expanding as they announce the acquisition of U.K. drugstore Boots for a reported $8.9 billion US (approximately $12.7 billion Cdn), including debt. Wittington Investments, the family holding company, revealed the deal on Wednesday, which includes Boots’s retail operations in the U.K. and Ireland, as well as its businesses in Thailand, franchised operations, optical division, and No7 Beauty Company.
Fairfax Financial Holdings Ltd., based in Toronto, will collaborate with Wittington on the purchase. Following the anticipated completion of the acquisition in the first quarter of 2027, Galen Weston is set to become the chairman of Boots.
Boots, a prominent retail chain in Britain, bears similarities to Canada’s Shoppers Drug Mart, which has ties to the Weston family known for their involvement in Loblaw Companies Ltd., George Weston Ltd., and Holt Renfrew department store.
The Westons also hold a stake in Associated British Foods, the parent company of Primark, Twinings tea, Mazola oils, Mazzetti vinegars, Ovaltine, and Fleischmann’s yeast.
The future of Boots in Canada remains uncertain. Should the retailer return to Canada following the acquisition, it could pose competition to Shoppers Drug Mart, which currently operates around 1,350 stores in the country.
With approximately 1,800 locations, the speculated acquisition of Boots by the Westons garnered interest from analysts, with RBC Capital Markets analyst Irene Nattel indicating that the deal aligns well with the family’s retail pharmacy expertise. Nattel suggested that if the acquisition were to proceed through Wittington, it would likely have minimal impact on Loblaws or George Weston.
