{"success":true,"data":{"pressRelease":{"id":"163263","rtpr_id":"nGNX3wwgVH-20261007","ticker":"FFH","exchange":"TSX","all_tickers":["FFH"],"title":"Fairfax Partners With Wittington Investments in Acquisition of Boots","author":"Globe Newswire","published_at":"2026-10-07T13:52:24.104Z","article_body":"TORONTO, Oct. 07, 2026 (GLOBE NEWSWIRE) -- Fairfax Financial Holdings Limited\n(“Fairfax”) (TSX: FFH and FFH.U) announces that it has entered into\nagreements to partner with Wittington Investments, Limited (“Wittington”),\nthe holding company of the Weston family based in Canada, to acquire from The\nBoots Group the Boots retail operations in the UK and Ireland, the Boots\nOpticians business, the No7 Beauty Company, and Boots’ Thailand and\nfranchised businesses (collectively, “Boots”) for a total purchase price\nof approximately US$8.9 billion (inclusive of assumed debt) (the\n“Transaction”).\n\n“We are very pleased to partner with Galen Weston and the Wittington team to\nacquire Boots, a leading historic brand in the UK and Ireland,” said Prem\nWatsa, Chairman and Chief Executive Officer of Fairfax. “For many years, the\nWestons have grown and developed some of the most successful retail brands in\nCanada, including in pharmacy and beauty, and we are very confident that\nWittington will be an excellent steward of the Boots business and a terrific\npartner to Fairfax.”\n\n“Boots is one of Britain’s most enduring businesses, with a rich heritage,\na trusted name and a vital role in everyday life across the UK and Ireland,”\nsaid Galen Weston. “We have great respect for Boots’ legacy and leading\nmarket position. We see a meaningful opportunity to make a great business even\nbetter, through stable, long-term ownership, further capital investment and\nrenewed operating focus required to serve customers with excellence for\ngenerations to come. We are delighted to partner with Fairfax, which brings an\nextensive track record of long-term investing in leading retail brands, and\nshares our conviction in Boots’ future.”\n\nIn connection with the Transaction, Fairfax entered into an equity commitment\nletter pursuant to which it has agreed to provide, or cause an affiliate of it\nto provide, up to approximately US$2.3 billion for the purposes of satisfying\nthe purchase price to be paid for Boots. Following the closing of the\nTransaction, it is expected that Fairfax will own 50% of the equity of Boots,\nwith Wittington having operational control and Galen Weston serving as Chair\nof Boots. The Transaction is subject to customary closing conditions and is\nexpected to be completed in the first quarter of 2027. The transaction does\nnot include The Boots Group’s other interests in Farmacias Benavides and\nAlliance Healthcare Deutschland which will be retained by their current owner.\n\nWittington Investments, Limited is the private holding company for the Weston\nfamily based in Canada. It is the controlling shareholder of George Weston\nLimited – and through it, Loblaw Companies Limited and Choice Properties.\nWith more than 2,800 locations, Loblaw is Canada’s largest grocery retailer\nand owns Shopper Drug Mart, the nation’s largest pharmacy, health and beauty\nbusiness. Choice Properties, Canada’s largest Real Estate Investment Trust\n(REIT), has a portfolio comprised of approximately 700 high-quality properties\nacross three strategic asset classes, including 44.6 million square feet of\nnecessity-based retail.\n\nFairfax is a holding company which, through its subsidiaries, is primarily\nengaged in property and casualty insurance and reinsurance and the associated\ninvestment management.\n\n For further information contact:  John Varnell, Vice President, Corporate Development  \n                                   at (416) 367-4941                                    \n\nCertain statements contained herein may constitute “forward-looking\nstatements” and are made pursuant to the “safe harbour” provisions of\napplicable Canadian and U.S. securities laws. Such forward-looking statements\nmay include, among other things, statements regarding the Transaction, the\ntiming of completion thereof and expectations regarding future performance of\nBoots. Such forward-looking statements are subject to known and unknown risks,\nuncertainties and other factors which may cause the actual results,\nperformance or achievements of Fairfax to be materially different from any\nfuture results, performance or achievements expressed or implied by such\nforward-looking statements. Such factors include, but are not limited to: the\nfailure to successfully complete the Transaction on the terms and timeframes\ncontemplated; our ability to complete acquisitions and other strategic\ntransactions on the terms and timeframes contemplated, and to achieve the\nanticipated benefits therefrom; a reduction in net earnings if our loss\nreserves are insufficient; underwriting losses on the risks we insure that are\nhigher than expected; the occurrence of catastrophic events with a frequency\nor severity exceeding our estimates; changes in market variables, including\nunfavourable changes in interest rates, foreign exchange rates, equity prices\nand credit spreads, which could negatively affect our operating results and\ninvestment portfolio; the cycles of the insurance market and general economic\nconditions, which can substantially influence our and our competitors’\npremium rates and capacity to write new business; insufficient reserves for\nasbestos, environmental and other latent claims; exposure to credit risk in\nthe event our reinsurers fail to make payments to us under our reinsurance\narrangements; exposure to credit risk in the event our insureds, insurance\nproducers or reinsurance intermediaries fail to remit premiums that are owed\nto us or failure by our insureds to reimburse us for deductibles that are paid\nby us on their behalf; our inability to maintain our long term debt ratings,\nthe inability of our subsidiaries to maintain financial or claims paying\nability ratings and the impact of a downgrade of such ratings on derivative\ntransactions that we or our subsidiaries have entered into; risks associated\nwith implementing our business strategies; the timing of claims payments being\nsooner or the receipt of reinsurance recoverables being later than anticipated\nby us; risks associated with any use we may make of derivative instruments;\nthe failure of any hedging methods we may employ to achieve their desired risk\nmanagement objective; a decrease in the level of demand for insurance or\nreinsurance products, or increased competition in the insurance industry; the\nimpact of emerging claim and coverage issues or the failure of any of the loss\nlimitation methods we employ; our inability to access cash of our\nsubsidiaries; an increase in the amount of capital that we and our\nsubsidiaries are required to maintain and our inability to obtain required\nlevels of capital on favourable terms, if at all; the loss of key employees;\nour inability to obtain reinsurance coverage in sufficient amounts, at\nreasonable prices or on terms that adequately protect us; the passage of\nlegislation subjecting our businesses to additional adverse requirements,\nsupervision or regulation, including additional tax regulation, in the United\nStates, Bermuda, Canada or other jurisdictions in which we operate; risks\nassociated with applicable laws and regulations relating to sanctions,\nanti-money laundering and corrupt practices in Canada and in foreign\njurisdictions in which we operate; risks associated with government\ninvestigations of, and litigation and negative publicity related to, insurance\nindustry practice or any other conduct; risks associated with political and\nother developments in foreign jurisdictions in which we operate; risks\nassociated with legal or regulatory proceedings or significant litigation;\nfailures or security breaches of our computer and data processing systems; the\ninfluence exercisable by our significant shareholder; adverse fluctuations in\nforeign currency exchange rates; our dependence on independent brokers over\nwhom we exercise little control; financial reporting risks relating to\ndeferred taxes associated with amendments to IAS 12 – Income Taxes;\nimpairment of the carrying value of our goodwill, indefinite-lived intangible\nassets or investments in associates; our failure to realize deferred income\ntax assets; risks associated with Canadian or foreign tax laws, or the\ninterpretation thereof; technological or other change that adversely impacts\ndemand, or the premiums payable, for the insurance coverages we offer;\ndisruptions of our information technology systems; assessments and shared\nmarket mechanisms that may adversely affect our insurance subsidiaries; risks\nassociated with economic disruptions from global conflicts and the development\nof other geopolitical events worldwide; and risks associated with tariffs,\ntrade restrictions, or other regulatory measures imposed by domestic or\nforeign governments that may, directly or indirectly, affect our business.\nAdditional risks and uncertainties are described in our most recently issued\nAnnual Report, which is available at www.fairfax.ca and on SEDAR+ at\nwww.sedarplus.ca and on EDGAR at www.sec.gov, and in our base shelf prospectus\n(under “Risk Factors”) filed with the securities regulatory authorities in\nCanada, which is available on SEDAR+ at www.sedarplus.ca. Fairfax disclaims\nany intention or obligation to update or revise any forward-looking\nstatements, whether as a result of new information, future events or\notherwise, except as required by applicable securities law.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/fa3ed713-47f6-4178-a7ab-907ab1684dc8)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX3wwgVH-20261007","title":"Fairfax Partners With Wittington Investments in Acquisition of Boots","author":"Globe Newswire","ticker":"FFH","created":"2026-10-07T13:52:24.104Z","tickers":["FFH"],"exchange":"TSX","article_body":"TORONTO, Oct. 07, 2026 (GLOBE NEWSWIRE) -- Fairfax Financial Holdings Limited\n(“Fairfax”) (TSX: FFH and FFH.U) announces that it has entered into\nagreements to partner with Wittington Investments, Limited (“Wittington”),\nthe holding company of the Weston family based in Canada, to acquire from The\nBoots Group the Boots retail operations in the UK and Ireland, the Boots\nOpticians business, the No7 Beauty Company, and Boots’ Thailand and\nfranchised businesses (collectively, “Boots”) for a total purchase price\nof approximately US$8.9 billion (inclusive of assumed debt) (the\n“Transaction”).\n\n“We are very pleased to partner with Galen Weston and the Wittington team to\nacquire Boots, a leading historic brand in the UK and Ireland,” said Prem\nWatsa, Chairman and Chief Executive Officer of Fairfax. “For many years, the\nWestons have grown and developed some of the most successful retail brands in\nCanada, including in pharmacy and beauty, and we are very confident that\nWittington will be an excellent steward of the Boots business and a terrific\npartner to Fairfax.”\n\n“Boots is one of Britain’s most enduring businesses, with a rich heritage,\na trusted name and a vital role in everyday life across the UK and Ireland,”\nsaid Galen Weston. “We have great respect for Boots’ legacy and leading\nmarket position. We see a meaningful opportunity to make a great business even\nbetter, through stable, long-term ownership, further capital investment and\nrenewed operating focus required to serve customers with excellence for\ngenerations to come. We are delighted to partner with Fairfax, which brings an\nextensive track record of long-term investing in leading retail brands, and\nshares our conviction in Boots’ future.”\n\nIn connection with the Transaction, Fairfax entered into an equity commitment\nletter pursuant to which it has agreed to provide, or cause an affiliate of it\nto provide, up to approximately US$2.3 billion for the purposes of satisfying\nthe purchase price to be paid for Boots. Following the closing of the\nTransaction, it is expected that Fairfax will own 50% of the equity of Boots,\nwith Wittington having operational control and Galen Weston serving as Chair\nof Boots. The Transaction is subject to customary closing conditions and is\nexpected to be completed in the first quarter of 2027. The transaction does\nnot include The Boots Group’s other interests in Farmacias Benavides and\nAlliance Healthcare Deutschland which will be retained by their current owner.\n\nWittington Investments, Limited is the private holding company for the Weston\nfamily based in Canada. It is the controlling shareholder of George Weston\nLimited – and through it, Loblaw Companies Limited and Choice Properties.\nWith more than 2,800 locations, Loblaw is Canada’s largest grocery retailer\nand owns Shopper Drug Mart, the nation’s largest pharmacy, health and beauty\nbusiness. Choice Properties, Canada’s largest Real Estate Investment Trust\n(REIT), has a portfolio comprised of approximately 700 high-quality properties\nacross three strategic asset classes, including 44.6 million square feet of\nnecessity-based retail.\n\nFairfax is a holding company which, through its subsidiaries, is primarily\nengaged in property and casualty insurance and reinsurance and the associated\ninvestment management.\n\n For further information contact:  John Varnell, Vice President, Corporate Development  \n                                   at (416) 367-4941                                    \n\nCertain statements contained herein may constitute “forward-looking\nstatements” and are made pursuant to the “safe harbour” provisions of\napplicable Canadian and U.S. securities laws. Such forward-looking statements\nmay include, among other things, statements regarding the Transaction, the\ntiming of completion thereof and expectations regarding future performance of\nBoots. Such forward-looking statements are subject to known and unknown risks,\nuncertainties and other factors which may cause the actual results,\nperformance or achievements of Fairfax to be materially different from any\nfuture results, performance or achievements expressed or implied by such\nforward-looking statements. Such factors include, but are not limited to: the\nfailure to successfully complete the Transaction on the terms and timeframes\ncontemplated; our ability to complete acquisitions and other strategic\ntransactions on the terms and timeframes contemplated, and to achieve the\nanticipated benefits therefrom; a reduction in net earnings if our loss\nreserves are insufficient; underwriting losses on the risks we insure that are\nhigher than expected; the occurrence of catastrophic events with a frequency\nor severity exceeding our estimates; changes in market variables, including\nunfavourable changes in interest rates, foreign exchange rates, equity prices\nand credit spreads, which could negatively affect our operating results and\ninvestment portfolio; the cycles of the insurance market and general economic\nconditions, which can substantially influence our and our competitors’\npremium rates and capacity to write new business; insufficient reserves for\nasbestos, environmental and other latent claims; exposure to credit risk in\nthe event our reinsurers fail to make payments to us under our reinsurance\narrangements; exposure to credit risk in the event our insureds, insurance\nproducers or reinsurance intermediaries fail to remit premiums that are owed\nto us or failure by our insureds to reimburse us for deductibles that are paid\nby us on their behalf; our inability to maintain our long term debt ratings,\nthe inability of our subsidiaries to maintain financial or claims paying\nability ratings and the impact of a downgrade of such ratings on derivative\ntransactions that we or our subsidiaries have entered into; risks associated\nwith implementing our business strategies; the timing of claims payments being\nsooner or the receipt of reinsurance recoverables being later than anticipated\nby us; risks associated with any use we may make of derivative instruments;\nthe failure of any hedging methods we may employ to achieve their desired risk\nmanagement objective; a decrease in the level of demand for insurance or\nreinsurance products, or increased competition in the insurance industry; the\nimpact of emerging claim and coverage issues or the failure of any of the loss\nlimitation methods we employ; our inability to access cash of our\nsubsidiaries; an increase in the amount of capital that we and our\nsubsidiaries are required to maintain and our inability to obtain required\nlevels of capital on favourable terms, if at all; the loss of key employees;\nour inability to obtain reinsurance coverage in sufficient amounts, at\nreasonable prices or on terms that adequately protect us; the passage of\nlegislation subjecting our businesses to additional adverse requirements,\nsupervision or regulation, including additional tax regulation, in the United\nStates, Bermuda, Canada or other jurisdictions in which we operate; risks\nassociated with applicable laws and regulations relating to sanctions,\nanti-money laundering and corrupt practices in Canada and in foreign\njurisdictions in which we operate; risks associated with government\ninvestigations of, and litigation and negative publicity related to, insurance\nindustry practice or any other conduct; risks associated with political and\nother developments in foreign jurisdictions in which we operate; risks\nassociated with legal or regulatory proceedings or significant litigation;\nfailures or security breaches of our computer and data processing systems; the\ninfluence exercisable by our significant shareholder; adverse fluctuations in\nforeign currency exchange rates; our dependence on independent brokers over\nwhom we exercise little control; financial reporting risks relating to\ndeferred taxes associated with amendments to IAS 12 – Income Taxes;\nimpairment of the carrying value of our goodwill, indefinite-lived intangible\nassets or investments in associates; our failure to realize deferred income\ntax assets; risks associated with Canadian or foreign tax laws, or the\ninterpretation thereof; technological or other change that adversely impacts\ndemand, or the premiums payable, for the insurance coverages we offer;\ndisruptions of our information technology systems; assessments and shared\nmarket mechanisms that may adversely affect our insurance subsidiaries; risks\nassociated with economic disruptions from global conflicts and the development\nof other geopolitical events worldwide; and risks associated with tariffs,\ntrade restrictions, or other regulatory measures imposed by domestic or\nforeign governments that may, directly or indirectly, affect our business.\nAdditional risks and uncertainties are described in our most recently issued\nAnnual Report, which is available at www.fairfax.ca and on SEDAR+ at\nwww.sedarplus.ca and on EDGAR at www.sec.gov, and in our base shelf prospectus\n(under “Risk Factors”) filed with the securities regulatory authorities in\nCanada, which is available on SEDAR+ at www.sedarplus.ca. Fairfax disclaims\nany intention or obligation to update or revise any forward-looking\nstatements, whether as a result of new information, future events or\notherwise, except as required by applicable securities law.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/fa3ed713-47f6-4178-a7ab-907ab1684dc8)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-10-07T13:52:24.14689951Z","server_sent_at_ms":1791381144146},"received_at":"2026-10-07T13:52:24.197Z","source_url":null},"analysis":{"id":"151721","press_release_id":"163263","analysis_json":{"industry":{"label":"Insurance","sector":"Financials"},"redFlags":["US$2.3 billion capital commitment concentrates a P&C insurer's capital in a retail/consumer business","deal subject to closing conditions and regulatory approvals; completion not until Q1 2027"],"eventType":"m_and_a","narrative":"Fairfax Financial has agreed to partner with Wittington Investments to acquire Boots' UK and Ireland retail operations, Boots Opticians, No7 Beauty Company, and Thailand/franchised businesses for approximately US$8.9 billion including assumed debt.\n\nFairfax committed up to US$2.3 billion of equity and will own 50% of Boots post-closing, with Wittington holding operational control and Galen Weston serving as Chair.\n\nThe transaction is expected to close in Q1 2027, subject to customary conditions, and excludes The Boots Group's interests in Farmacias Benavides and Alliance Healthcare Deutschland.","sentiment":"neutral","agentHooks":{"shouldPost":true,"suggestedAngle":"Fairfax makes its largest recent private-market bet: $2.3B for 50% of iconic UK retailer Boots alongside the Weston family."},"keyFigures":{"dealValueUsd":8900000000,"customDimensions":{"expected_close":"Q1 2027","fairfax_equity_commitment_usd":2300000000,"fairfax_post_close_ownership_pct":"50%"}},"quotedText":"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","namedEntities":{"people":[{"name":"Prem Watsa","role":"Chairman and CEO of Fairfax"},{"name":"Galen Weston","role":"Wittington; 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