Australia’s Sigma Healthcare has confirmed that it is participating in discussions regarding a possible acquisition of Boots, the UK health and beauty retailer, in a transaction reportedly valued at up to $10 billion. The company acknowledged its interest after reports emerged that it was among several parties considering a bid for the British chain. In a statement issued on Wednesday, Sigma Healthcare said it “continuously reviews opportunities that would create value for shareholders.” Other parties linked to the process include the Canadian Weston family, which has longstanding interests in the pharmacy and retail sectors. The sale process follows efforts by Sycamore Partners, which gained control of Boots through its acquisition of Walgreens Boots Alliance Inc. in 2025. According to reports, discussions with potential strategic buyers began before Easter. A completed transaction would likely end plans for a London listing of Boots, a development that would further reduce the number of major public offerings reaching the UK market.
The potential Boots Acquisition reflects Sigma’s expanding international ambitions following its merger with Chemist Warehouse Group last year. The combination created one of Australia’s largest pharmacy chains and wholesale operators. Boots operates more than 1,800 stores across the UK, while Sigma now franchises or co-owns more than 900 pharmacies across Australia, New Zealand and Ireland, in addition to operations in Dubai and China. The company strengthened its UK presence in May through the acquisition of a 75% stake in Greenlight Healthcare, an employee-owned pharmacy chain with 22 London stores, as part of plans to introduce the Chemist Warehouse brand to the British market. The merger between Sigma and Chemist Warehouse was widely viewed as evidence of the growing strength of low-cost pharmacy operators offering discounted medicines and healthcare products.
Leadership changes have also taken place at Boots during the period in which sale discussions have emerged. Former chief executive Ornella Barra stepped down earlier this year and became chair of the board, succeeding Stefano Pessina, who remains a director and significant shareholder. In May, Boots appointed Alex Baldock, outgoing chief executive of Currys Plc, as its new CEO. The retailer, known for its No7 beauty and skincare range, introduced more than 50 beauty brands last year. Pharmacy operations have also benefited from demand for vaccinations and weight-loss treatments. According to a March Companies House filing, operating profit at The Boots Company Plc increased by 32% to £108 million in the year through August 2025 after reductions in administrative costs. The proposed Boots Acquisition would rank among the largest UK retail transactions in recent years and could attract further competition from the Weston family, whose retail interests include Loblaws and Shoppers Drug Mart in Canada.
