Sigma Healthcare ends talks to acquire UK pharmacy chain Boots
7 reported
Australian pharmaceutical group Sigma Healthcare has dropped its pursuit of UK retail chain Boots, abandoning a takeover estimated to be worth $10bn (£7bn). Sigma stated on Monday that a deal to buy the high street pharmacy business, which has 1,800 UK stores, would not meet its strategic and capital investment objectives. Last week, the Financial Times reported that Sigma had been in early talks for a potential acquisition of Boots, valuing the retailer at about $10bn. Shares in Sigma jumped 6% on Monday, with analysts suggesting investors were relieved the company would not pursue another large-scale deal. Sigma said it has many growth opportunities and remains focused on the Australian market, though overseas growth remains a key pillar. The withdrawal extends a period of uncertainty for the 177-year-old UK chain, which was originally put up for sale in 2022.
What’s reported
Sigma Healthcare dropped its pursuit of Boots, abandoning a takeover estimated at $10bn (£7bn).
Sigma said on Monday that a deal would not meet its strategic and capital investment objectives.
Last week, the Financial Times reported Sigma had been in early talks for a potential acquisition of Boots.
Shares in Sigma jumped 6% on Monday.
Sigma stated it has many growth opportunities and is focused on the Australian market.
Boots has 1,800 UK stores and was originally put up for sale in 2022.
The Canadian branch of the Weston family was also interested in buying Boots, per the FT.
Key figures
Marc Jocum, senior product and investment strategist at Global X ETFs
Alex Baldcock, former boss of Currys, appointed as new chief executive of Boots
John Boot, founder of Boots in 1849
Sources: The Guardian
