Galen Weston will become chair of the British store chain, adding it to the Weston group’s portfolio, which includes Shoppers Drug Mart and Loblaws. The Weston family’s investment arm, Wittington, will have operational control of Boots, while Toronto holding company Fairfax Financial will invest about US$2.3 billion for a 50 per cent equity stake. (The Logic)

Talking point: It’s a big bet by Canadian billionaires—Weston and Fairfax’s Prem Watsa—given that Walgreens struggled for years to find a buyer for Boots. The sale comes as Fairfax, best known for its insurance business, has expanded its reach in retail, buying Sleep Number at the end of July and relaunching Bed Bath & Beyond in Canada late last month. Meanwhile, the Canadian side of the Weston family will get No7 Beauty Company, and a new foothold in the U.K., after selling British department store Selfridges in 2021. The deal, which is subject to regulatory approvals, is expected to close in the first quarter of 2027.  

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