TLDR
- Sigma Healthcare (SIG) stock dropped as much as 5.5% to A$2.76 after confirming preliminary talks over a potential Boots acquisition
- The deal could be valued at over $10 billion, with Sigma competing alongside Canada’s Weston family
- Boots owner Sycamore Partners is exploring a sale of the UK pharmacy chain, which has over 1,800 stores
- A successful deal would scrap Boots’ planned London IPO
- Sigma already has a UK foothold via a partnership with Greenlight Healthcare to roll out Chemist Warehouse-branded stores in London
Sigma Healthcare (SIG) stock dropped as much as 5.5% to A$2.76 on Wednesday after the Australian pharmacy group confirmed it had entered preliminary discussions about buying UK pharmacy chain Boots.
Sigma Healthcare Limited, SIG.AX
The confirmation came via an ASX filing, where Sigma said it had “engaged in preliminary discussions in relation to the sale process.” The company was quick to add that “there is no certainty that any transaction will eventuate.”
The deal, first reported by the Financial Times, could value Boots at over $10 billion. Sigma is not the only party at the table — Canada’s Weston family, controlling shareholders of Loblaw, are also reported to be in the running.
JUST IN: BOOTS IS IN TALKS OVER A $10B SALE AND IS REPORTEDLY DITCHING ITS PLANNED IPO
Per FT, the owners are in talks with two parties:
– The billionaire Weston family
– Sigma Healthcare, an Australian pharmacy groupDeal value: $10B (£7.5B).
Boots is the UK's largest… pic.twitter.com/dmxfQ87Xt9
— IPO Newsroom (@IPONewsroom_) June 9, 2026
Boots is owned by Sycamore Partners, the US private equity firm. The chain runs more than 1,800 stores across the UK and operates in 11 countries, including Ireland, Mexico, and Thailand, with a total of 3,776 retail stores as of last August.
A completed sale would end Boots’ plans for a London IPO, according to the Financial Times report.
Sigma’s interest in Boots fits with a broader push into international markets. Last month, the company partnered with British pharmacy chain Greenlight Healthcare to roll out Chemist Warehouse-branded stores across London and support Greenlight’s 22 existing locations with inventory management and marketing.
Chemist Warehouse Backing
The push into the UK carries the weight of some serious Australian money behind it. Sigma’s biggest shareholders are billionaire brothers Jack and Sam Gance and their business partner Mario Verrochi — the founding trio of Chemist Warehouse.
Verrochi has a real-time net worth of $5.5 billion. Jack Gance sits at $3.4 billion, and Sam Gance at $3.2 billion, according to Forbes data.
In February 2025, Chemist Warehouse merged with Sigma Healthcare in a deal that created a pharmacy group valued at over $22 billion. The combined entity now runs more than 950 stores across Australia, China, Dubai, Ireland, and New Zealand.
What a Boots Deal Would Mean for Sigma
Boots is not a small bolt-on. With nearly 3,800 stores globally and franchise operations expanding into the Middle East and Indonesia, it would be a transformational acquisition for Sigma.
The company has not disclosed any figures around its potential bid, nor whether it is working with financial partners to structure a deal of that size.
Sigma’s stock reaction on Wednesday reflects investor caution. A $10 billion-plus deal would be far larger than anything the group has previously attempted, and the outcome remains far from certain.
The company said it will update the market if there are any material developments.
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