Fairfax, Wittington partner to acquire Boots in USD 8.9B deal
The deal remains subject to customary closing conditions and is expected to close in the first quarter of 2027.
UK – Fairfax Financial Holdings Limited, listed on the Toronto Stock Exchange under FFH and FFH.U, has agreed to team up with Wittington Investments, the Weston family’s Canadian holding company, to buy several businesses from The Boots Group for USD 8.9 billion, including assumed debt.
The acquisition includes Boots’ retail operations in the United Kingdom and Ireland, Boots Opticians, No7 Beauty Company, and Boots’ businesses in Thailand and its franchised operations.
Fairfax Chairman and Chief Executive Officer Prem Watsa said he was pleased to join forces with Galen Weston and the Wittington team to acquire Boots, a prominent and long-established brand in the UK and Ireland.
He praised the Westons’ record of developing successful Canadian retail companies, including businesses in pharmacy and beauty, and said Fairfax is confident Wittington will be a capable steward of Boots and a strong partner. Galen Weston described Boots as one of Britain’s most enduring companies, with a respected heritage and an important role in daily life across the UK and Ireland.
He said the partners see an opportunity to build on Boots’ strong position through dependable, long-term ownership, additional investment and renewed operational focus, and welcomed Fairfax’s experience investing in leading retail brands and its confidence in Boots’ future.
Under the transaction agreements, Fairfax has committed to contribute, or arrange for an affiliate to contribute, up to USD 2.3 billion toward the purchase price.
Once the transaction closes, Fairfax is expected to hold half of Boots’ equity, while Wittington will retain operational control and Galen Weston will serve as Boots’ Chair.
It does not include The Boots Group’s interests in Farmacias Benavides or Alliance Healthcare Deutschland, which will remain with their current owner.
Wittington Investments is the Weston family’s privately held Canadian holding company. It controls George Weston Limited, which in turn controls Loblaw Companies Limited and Choice Properties.
Loblaw operates more than 2,800 locations, is Canada’s largest grocery retailer and owns Shoppers Drug Mart, the country’s largest pharmacy, health and beauty business. Choice Properties, Canada’s largest real estate investment trust, owns approximately 700 properties across three strategic asset classes, including 44.6 million square feet of necessity-based retail space.
Fairfax is a holding company whose subsidiaries are primarily engaged in property and casualty insurance and reinsurance, together with related investment-management activities.
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