Australia-based Sigma Healthcare has withdrawn from discussions over a possible acquisition of UK pharmacy chain Boots, saying a deal valued at $10bn would not align with its strategy.
The company, which owns Chemist Warehouse and runs a pharmaceutical wholesale business, confirmed to the Financial Times that it had recently been in talks with Boots owner Sycamore Partners
In a statement, Sigma said it would not proceed with what it called a “potentially unique opportunity” to buy the UK-based company. It added that “the company has concluded that such an acquisition would not currently meet its strategic and capital investment objectives”. Boots has been the subject of repeated ownership speculation in recent years.
It was put up for sale in 2022, but the process was dropped after offers did not reach the expected level. Walgreens had drawn interest at the time from Apollo and TDR Capital. Sycamore took control of Boots when it acquired Walgreens Boots Alliance for $23.7bn last year.