Boots is set to change hands again after the Canadian arm of the billionaire Weston family agreed to acquire the health and beauty retailer for $8.9bn (£6.7bn), including debt.

The deal covers Boots’ retail operations across the UK and Ireland, Boots Opticians, No7 Beauty Company, as well as its Thailand and franchised businesses.

Wittington Investments, the family’s holding company, has reached a definitive agreement with current owner Sycamore Partners and the Pessina family.

The transaction marks the second ownership change for Boots in little over a year. Sycamore acquired the retailer in 2025 as part of its $10bn takeover of Walgreens Boots Alliance. This separated Boots from the wider group, as it focused on restructuring Walgreens.

The Weston family owns Canadian grocery giant Loblaw and pharmacy chain Shoppers Drug Mart. Wittington also previously owned Selfridges before selling the department store business in 2022.

The new owner said it plans to invest in Boots, with priorities including upgrading stores, improving its website and expanding healthcare services.

Galen Weston Jr, chairman of Wittington Investments, will become chairman of Boots. He said the family saw an opportunity to build on the retailer’s heritage through “stable long-term ownership” and further capital investment.

The deal comes as Boots looks to build on an improving performance, particularly across its beauty business.

Former Currys boss Alex Baldock was recently appointed as chief executive, with the leadership change adding to its focus on future growth.

Boots employs more than 50,000 people across the UK and Ireland and operates around 1,800 stores.

The transaction remains subject to regulatory approval and is expected to complete in the first quarter of 2027.

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