Sigma: Australian group pulls out of bid to acquire UK pharmacy chain Boots

The transaction does not meet strategic and investment targets

Australian group Sigma Healthcare has pulled out of the deal to acquire the British pharmacy chain Boots. Following preliminary assessments, Sigma wrote in a statement, the company concluded that the acquisition “would not meet its strategic and capital investment objectives” and “has decided to withdraw its interest” in the deal and to “immediately cease negotiations”. Boots is under the control of a private equity firm

Sycamore Partners has held talks with several potential buyers regarding a sale estimated, according to the Financial Times, to be worth $10 billion.

Sigma "remains committed to driving growth in its key overseas markets, whilst also evaluating and developing new markets. This includes the United Kingdom"

where Sigma recently announced a memorandum of understanding