Australia’s Sigma Healthcare announced on June 15 it has withdrawn from negotiations to acquire UK pharmacy and health-and-beauty retailer Boots [1, 2, 3].
The potential deal, estimated at around $10 billion (£7 billion), would have included Boots’ approximately 1,800 stores across the United Kingdom [2, 3]. Sigma viewed the acquisition as a "potentially unique opportunity to accelerate its UK expansion through a market-leading brand," the company said [1].
Sigma said the talks ended because the acquisition did not meet its strategic and capital investment objectives [1, 2, 3]. It confirmed it will continue to assess growth opportunities, focusing primarily on the Australian market. "Sigma has many opportunities for growth and is confident in its established growth strategy," it said [2].
Sigma merged with Chemist Warehouse in December 2023, creating a pharmacy and retail group valued at A$30 billion [2]. That combined entity has prioritized the Australian market while exploring international expansion [1, 3].
The Boots sale process began after Walgreens Boots Alliance put the company up for sale in 2022 [2, 3]. Walgreens sold Boots to private equity firm Sycamore Partners in 2025 [1, 2, 3]. Since Easter 2026, Sycamore has been in talks with strategic buyers, including Sigma and the Canadian billionaire Weston family, about acquiring Boots [1, 2].
Sigma’s shares rose between 6% and 8% on the announcement day, reflecting investor approval that management is focusing on existing opportunities rather than pursuing a large-scale transformational deal, said Marc Jocum of Global X ETFs [1, 2].
Sigma’s decision leaves open the future ownership of Boots as private equity and other strategic buyers continue discussions. The company reiterated it will prioritize its growth strategy in Australia but remains open to evaluating other opportunities. The next significant move in Boots’ sale process is expected as bidders reassess their positions following Sigma’s withdrawal [1, 2, 3].
