Fairfax Financial Holdings Limited has entered into agreements to partner with Wittington Investments Limited, the holding company of the Weston family based in Canada, to acquire British beauty retailer Boots from The Boots Group for approximately US$8.9 billion (inclusive of assumed debt).

The acquisition includes Boots retail operations in the UK and Ireland, the Boots Opticians business, the No7 Beauty Company, and Boots' Thailand and franchised businesses.

"We are very pleased to partner with Galen Weston and the Wittington team to acquire Boots, a leading historic brand in the UK and Ireland. For many years, the Westons have grown and developed some of the most successful retail brands in Canada, including in pharmacy and beauty, and we are very confident that Wittington will be an excellent steward of the Boots business and a terrific partner to Fairfax," said Prem Watsa, Chairman and Chief Executive Officer of Fairfax.

"Boots is one of Britain's most enduring businesses, with a rich heritage, a trusted name and a vital role in everyday life across the UK and Ireland. We have great respect for Boots' legacy and leading market position. We see a meaningful opportunity to make a great business even better, through stable, long-term ownership, further capital investment and renewed operating focus required to serve customers with excellence for generations to come. We are delighted to partner with Fairfax, which brings an extensive track record of long-term investing in leading retail brands, and shares our conviction in Boots' future," said Galen Weston.

Fairfax has agreed to provide up to approximately US$2.3 billion towards the purchase price. Following completion, Fairfax will own 50% of the equity of Boots, with Wittington having operational control and Galen serving as Chair of Boots.

The transaction is subject to customary closing conditions and is expected to be completed in the first quarter of 2027. The transaction does not include The Boots Group's other interests in Farmacias Benavides and Alliance Healthcare Deutschland.

Wittington Investments Limited is the private holding company for the Weston family based in Canada. It is the controlling shareholder of George Weston Limited and through it, Loblaw Companies Limited and Choice Properties. With more than 2,800 locations, Loblaw is Canada's largest grocery retailer and owns Shopper Drug Mart, the nation's largest pharmacy, health and beauty business.

Fairfax is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.

For more information, visit fairfax.ca.