Big Law quartet lines up on $8.9bn Boots deal

Four major law firms have landed roles on the $8.9 billion acquisition of Boots by Wittington Investments, the Canadian holding company of the Weston family, owner of one of Canada’s largest pharmacy chains and previous owner of Selfridges.

‍Skadden is advising Wittington, with Davis Polk acting for Boots, A&O Shearman advising investment partner Fairfax Financial and Latham & Watkins acting for the financing sources.

Wittington has agreed to acquire The Boots Group in partnership with Canadian insurer Fairfax Financial.

Boots is currently owned by US private equity firm Sycamore Partners, which bought its former parent Walgreens Boots Alliance in a $23.7 billion take-private last year, and the family of Stefano Pessina, the former executive chairman of Walgreens Boots Alliance.

The purchase covers Boots' 1,800 stores across the UK and Ireland, as well as Boots Opticians, No7 Beauty Company and its Thailand and franchise businesses.

Fairfax will invest up to $2.3 billion in the acquisition, owning approximately 50% of Boots, with Wittington retaining operational control.

The transaction is expected to close in the first quarter of 2027.

Advising

Skadden is sole counsel to Wittington and is also advising the Wittington and Fairfax consortium. Its nearly all-London team includes M&A partner Lorenzo Corte, private equity partner Katja Butler, tax partner Katie Leah, capital markets partner Noel Hughes and finance partners Sebastian Fitzgerald and Christian Nahr (New York).

Davis Polk is advising The Boots Group, with New York M&A partners Brian Wolfe and Darren M. Schweiger leading the deal team. Davis Polk previously advised Sycamore Partners on its up to $23.7 billion acquisition of Walgreens Boots Alliance.

A&O Shearman is advising Fairfax, with a team including corporate partners Sean Skiffington (Toronto / New York) and Nick Withers (London), tax partner Tim Harrop (London) and antitrust partner Dominic Long (London / Brussels).

Latham & Watkins is advising the financing sources. Its cross-border team is led by partners Jennifer Engelhardt (London), Dan Maze (London), Paul Bonewitz (New York), Nicole Fanjul (New York), Victor Ludwig (New York) and Roberto Reyes Gaskin (Paris / London).