Key Summary
- Sigma Healthcare exited the bidding for UK drugstore chain Boot.
- It said the acquisition would not meet its strategic or capital-investment objectives.
- Sigma continues to pursue UK growth.
Sigma Healthcare has withdrawn from talks to acquire UK drugstore chain Boots, saying the deal would not align with its strategic priorities, according to media reports.
The Melbourne-based company confirmed it had participated in the sale process but, after an initial review, decided the acquisition did not meet its strategic and capital-investment objectives.
Reports said Sigma was among bidders alongside Wittington Investments, the Canadian arm of the Weston family that owns Shoppers Drug Mart and Loblaws.
Private equity firm Sycamore Partners, which last year acquired Walgreens Boots Alliance, launched the sale process for Boots instead of pursuing a London initial public offering.
Sigma reiterated that international expansion remains a priority, pointing to a recent agreement to buy a 75 percent stake in several Greenlight Healthcare stores - a move intended to bring its Chemist Warehouse brand into the UK market.
