Sigma Healthcare confirms talks over $10B Boots sale

Sigma Healthcare Confirms Early Talks to Acquire UK’s Boots

Sigma Healthcare confirmed on Tuesday that it is in “preliminary discussions” regarding the potential acquisition of British pharmacy chain Boots, following a Financial Times report that owner Sycamore Partners is seeking to sell the retailer for around $10 billion (£7.5 billion).

“Sigma continuously reviews opportunities that would create value for shareholders,” the Australian pharmacy group said in a brief statement. “There is no certainty that any transaction will eventuate.”reuters

A Crowded Field of Bidders

The Financial Times reported on Tuesday that Sycamore entered into discussions with potential strategic buyers before Easter, according to people familiar with the matter. Alongside Sigma, the Canadian branch of the billionaire Weston family — which holds stakes in grocery chain Loblaws and pharmacy chain Shoppers Drug Mart through its Wittington Investments — has also been in negotiations, with talks described as having progressed, Reuters reported.wsau

The potential sale would see Boots abandon plans for a London IPO that had been under consideration for as early as 2027. In April, Reuters reported that Sycamore was working with consultants on a strategy overhaul that included both a possible listing and the option of a sale.theindustry

From Chemist Warehouse to Boots

A Boots acquisition would mark a dramatic international expansion for Sigma, which completed its merger with Chemist Warehouse in early 2025, creating one of Australia’s largest listed pharmacy companies. Sigma reported revenue of $5.5 billion for the first half of fiscal year 2026 and has been expanding internationally, opening 97 stores outside Australia.investorpa

In May, Sigma announced a joint venture with GreenLight Healthcare to enter the UK market with plans to rebrand and grow a small number of pharmacies. A deal for Boots — which operates around 1,800 stores across the UK and employs more than 50,000 people — would represent an exponentially larger commitment.pharmaceutical-journal

Sycamore acquired Boots through its $23.7 billion purchase of Walgreens Boots Alliance, which closed in August 2025. It subsequently separated Boots into a standalone UK-headquartered company. Italian billionaire Stefano Pessina and his family retained a minority stake.personalcareinsights

The Australian Financial Review reported that the potential deal values Boots at approximately A$14 billion, and noted that a Sigma representative declined to comment ahead of the company’s formal market disclosure.afr