Canadian investment firm Wittington has bought UK-based pharmacy chain Boots, which operates hundreds of locations across Thailand, for US$8.9 billion.

The deal will see Wittington acquire Boots’ retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company and its Asian business. Alongside the company’s 250 locations in Thailand, Boots operates a franchise model in Indonesia.

Current owners Sycamore Partners will retain ownership of the remaining interests of The Boots Group.

“Boots matters. Every day, our colleagues give millions of people longer, healthier and happier lives. Those customers and patients trust in Boots’ unmatched authority, capability and leadership across health, wellness and beauty. I’ve seen enough already of our colleagues’ passion and expertise to understand why they do,” said Alex Baldock, Boots CEO.

“For all of our social impact and commercial success to date, the opportunity ahead is even greater. I look forward to making the most of that opportunity and building a world-class Boots for our colleagues, customers, patients, and communities.”

Boots joins Choice Properties in Wittington’s portfolio, Canada’s largest real estate investment trust. The investment firm will appoint its chairman, Galen Weston, as Boots’ chairman.

“We have great respect for Boots’ legacy and leading market position,” Weston said. “We see a meaningful opportunity to make a great business even better through stable long-term ownership, further capital investment, and the renewed operating focus required to serve customers with excellence for generations to come.”

Fairfax Financial Holdings is partnering with Wittington on the acquisition, which is expected to close in the first quarter of 2027.