News
Boots · IPO · Sigma Healthcare · Takeover
Sigma Healthcare, an Australian pharmacy firm, has withdrawn its interest and ceased discussions immediately regarding a potential takeover of UK beauty and pharmacy giant Boots, which was reportedly valued at around $10 billion (£7.5 billion).
Boots, a UK beauty and pharmacy giant, revealed last week it held early discussions with Sigma. Sigma stated it engaged in the sale process for Boots as it presented a "potentially unique opportunity" to accelerate its UK operations.
However, Sigma concluded the acquisition "would not currently meet its strategic and capital investment objectives." Despite this withdrawal, Sigma remains committed to UK growth, evidenced by its earlier acquisition of a stake in London-based Greenlight Healthcare this year. Reports also indicated Boots held talks with the Canadian Weston family, owners of Loblaws, while the British Weston family owns Primark through Associated British Foods.
Boots was acquired by private equity firm Sycamore Partners for $23.7 billion (£17.7 billion) last year, with Sycamore subsequently splitting Boots from its US operations in August. Sycamore is still considering an Initial Public Offering (IPO) for Boots on the London stock market, but a private sale would further impact the London Stock Exchange, which has seen a scarcity of major new listings recently.
