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Sigma Drops $14 B Boots Deal, Pursues UK Expansion

6/15/2026

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Summary

Sigma Abandons Boots

Sigma Healthcare (Australian Securities Exchange (ASX):SIG) announced it is abandoning a $14 billion acquisition of the United Kingdom’s Boots pharmacy chain.
Sigma said the deal failed to meet its strategic and capital investment objectives, prompting plan to continue UK expansion via a memorandum of understanding with Greenlight Healthcare.
The move ends speculation about a $10 billion deal backed by Sycamore Partners and refocuses Sigma on capital discipline and maximizing returns in Australia.

Summary

Boots Revenue Up

Boots reported a 3.2% rise in revenue to £7.5bn for the year ending August 2025 and a 25% increase in pre-tax profit to £337m.
The profit increase was driven by strong demand for weight-loss injections and beauty products.
Boots employs about 51,000 people worldwide, including 6,000 at its Beeston headquarters near Nottingham.
The Weston family, which sold Selfridges for £4bn in 2022, is named as a possible Boots buyer.

History

Historical Context

On December 31 2014 Walgreens completed its takeover of Alliance Boots, buying the remaining 55 % for $4.9 billion in cash and 144.3 million shares valued at $10.7 billion, creating Walgreens Boots Alliance. The merger followed a 2012 purchase of a 45 % stake for $4 billion and marked the first major U.S.–European pharmacy consolidation, shaping later cross-border bids such as Sigma Healthcare’s 2024 attempt.

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Sigma Abandons Boots

Sigma Healthcare (Australian Securities Exchange (ASX):SIG) announced it is abandoning a $14 billion acquisition of the United Kingdom’s Boots pharmacy chain.
Sigma said the deal failed to meet its strategic and capital investment objectives, prompting plan to continue UK expansion via a memorandum of understanding with Greenlight Healthcare.
The move ends speculation about a $10 billion deal backed by Sycamore Partners and refocuses Sigma on capital discipline and maximizing returns in Australia.

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