Australia’s Sigma Healthcare pulls out of talks for UK retailer Boots
Sigma Healthcare Ltd on Monday said it has pulled out of the bidding for Boots Group, saying that buying the UK drug store chain would not meet its strategic objectives.
Melbourne, Australia-based Sigma had last week confirmed a report by the Financial Times newspaper that it was taking part in the sale process of Boots. The FT said Sigma was taking part alongside the Canadian part of the Weston family, which owns Loblaws grocery stores and Shoppers Drug Mart, via Wittington Investments.
The sale process was launched by private equity firm Sycamore Partners LLC, which last year bought Walgreens Boots Alliance Inc, the Deerfield, Illinois-based owner of both the Walgreens pharmacy chain in the US and Boots in the UK.
The sale process was chosen by Sycamore rather than pursuing an initial public offering for Boots in London, the FT said.
In a stock exchange announcement on Monday, Sigma said it ‘engaged in the Boots sale process given the potentially unique opportunity it presented to
accelerate its UK expansion through the market-leading Boots brand and large footprint.
‘However, following its preliminary review the company has concluded that such an acquisition would not currently meet its strategic and capital investment objectives.’
Sigma said international growth remains a key focus, including in the UK, where last month Sigma signed an accord with Greenlight Healthcare Ltd to buy a 75% interest in a number of Greenlight stores. The deal will bring Sigma’s Chemist Warehouse brand to the UK market.
Sigma shares closed up 6.1% to A$2.80 in Sydney on Monday. The ASX listing has a market capitalisation of A$32.44 billion, about $22.95 billion.
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