Australia’s Sigma drops out of talks to buy UK’s Boots
Summary
Australian company Sigma Healthcare has stopped talks to buy the UK pharmacy chain Boots, which was valued at about $10 billion. Sigma said the deal did not fit its business goals, and it will focus on growth in Australia instead.Key Facts
- Sigma Healthcare is an Australian pharmaceutical wholesaler and retailer.
- Boots is a UK health and beauty retailer with 1,800 stores and a 177-year history.
- The potential deal to buy Boots was reported to be worth around $10 billion.
- Sigma said the takeover would not meet its strategic and investment goals.
- Boots’ owner, Walgreens Boots Alliance, was sold to US private equity group Sycamore Partners last year.
- Canada’s Weston family has also talked to Boots about a possible deal.
- Sigma recently merged with Chemist Warehouse, forming a group worth 30 billion Australian dollars.
- Sigma shares rose 6% after announcing it dropped the Boots deal, with investors favoring focus on current opportunities.
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