British pharmacy and beauty retailer Boots is set to change ownership in a £6.7 billion deal, with Canada’s Weston family agreeing to acquire the business from private equity firm Sycamore Partners and the Pessina family.

Wittington Investments, the Weston family's holding company, will acquire Boots’ UK and Ireland retail operations, Boots Opticians and the No7 Beauty Company, alongside its Thailand and franchised businesses. Fairfax Financial Holdings is partnering with Wittington on the transaction.

The deal values the business at approximately US$8.9 billion including assumed debt. Wittington will have operational control, with Galen Weston expected to become Boots chairman once the transaction completes.

Boots has more than 1,800 stores in the UK and employs more than 50,000 people across its stores and associated businesses. The company was founded in Nottingham in 1849 and remains one of Britain's best-known high-street brands.

The incoming owners say they see opportunities for further investment in Boots stores, its online operations and healthcare services. The transaction is expected to close in the first quarter of 2027, subject to regulatory approval and other conditions.

The takeover represents another major change in ownership for Boots, coming only around a year after Sycamore acquired the wider Walgreens Boots Alliance business and subsequently established Boots as a standalone company.