Boots Group sale to Wittington Investments for $8.9 billion

Davis Polk advised The Boots Group on the $8.9 billion sale of Boots to Wittington Investments, Limited. Under the terms of the transaction, Wittington will acquire Boots’ retail operations in the United Kingdom and Ireland, Boots Opticians, No7 Beauty Company and Boots’ Thailand and franchised businesses, with Wittington having operational control upon closing. Sycamore Partners, in partnership with Stefano Pessina and his family, will retain ownership of The Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland. Fairfax Financial Holdings Limited is partnering with Wittington on the acquisition, with Wittington having operational control upon close. The transaction is subject to certain regulatory approvals and the satisfaction of customary closing conditions and is expected to close in the first quarter of 2027. The Boots Group comprises pharmacy-led health and beauty retail businesses globally, together with a pharmaceutical wholesale operation in Germany. Its brands include Boots, No7 Beauty Company and Farmacias Benavides. The Group’s German wholesale business operates under the Alliance Healthcare Deutschland and GEHE brands and supports over 11,000 pharmacies nationwide through logistics and digital healthcare services. Sycamore Partners, founded in 2011 and based in New York, specialises in consumer, distribution and retail-related private equity investments and manages approximately $14 billion of assets. Wittington is the private holding company of the Weston family and is the controlling shareholder of George Weston Limited and, through it, Loblaw Companies Limited. Fairfax is a holding company principally engaged, through its subsidiaries, in property and casualty insurance, reinsurance and associated investment management. Davis Polk represented The Boots Group with a team composed by: partners Brian Wolfe and Darren M. Schweiger and counsel Alon Benjamin Harish. Partner Jennifer S. Conway provided U.S. executive compensation advice. Partner David H. Schnabel provided U.S. tax advice. Partner Nikolaus Caro provided sponsor finance advice. Partner Pritesh P. Shah provided intellectual property and commercial transactions advice. Partner Dominic Foulkes and counsel Nathan Langford provided U.K. tax advice. Partner Matthew Yeowart provided antitrust and competition advice. Members of the Davis Polk team are based in the New York and London offices.

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Boots Group sale to Wittington Investments for $8.9 billion

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Boots Group sale to Wittington Investments for $8.9 billion

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