Australia’s Sigma Healthcare has withdrawn from the sale process for UK pharmacy chain and Sycamore Partners portfolio company Boots, stepping back from a potential transaction that was expected to value the business at up to $10bn, according to a report by Bloomberg.
The company confirmed on Monday that it had ended discussions and withdrawn its interest, stating that after an initial assessment the acquisition no longer aligned with its strategic priorities and capital allocation plans.
Sigma had been exploring the deal as part of a broader ambition to expand its presence in the UK market through Boots’ established retail platform. However, it concluded that pursuing the acquisition would not deliver the expected strategic or financial benefits at this stage.
The withdrawal marks an end to Sigma’s participation in a competitive process that reportedly included other potential bidders, including members of Canada’s Weston family. Sycamore Partners took control of Walgreens Boots Alliance in a 2025 transaction and subsequently initiated discussions with potential buyers, according to earlier reports.
Despite stepping away from the deal, Sigma said it will continue to evaluate acquisition opportunities across international markets while maintaining a primary focus on growth in Australia through its Chemist Warehouse business.
The announcement came as Sigma shares rose as much as 8% in early trading, with analysts suggesting the bidding process may still have provided insight into investor sentiment regarding large-scale overseas acquisitions.
