Australia's Sigma in early talks to acquire British pharmacy Boots

Australia's Sigma Healthcare said on Wednesday that it had engaged in preliminary discussions for a potential acquisition of the British pharmacy chain Boots.

The pharmaceutical wholesaler and retailer said it continuously reviews opportunities that could create shareholder value, but cautioned there was no certainty any transaction would proceed.

Shares of Sigma Healthcare tumbled more than 5% to hit A$2.76, their lowest closing level since April 28, while the broader Australian benchmark ended 0.7% higher.

"Today's sell-off looks less like a verdict on Boots and more like a reflection of investor caution," said Marc Jocum, a senior product and investment strategist at Global X ETFs.

The company's statement followed a Financial Times report that said Sigma was among potential bidders for Boots in a sale process that could value the British health and beauty retailer at about $10 billion.

A deal would deepen Sigma Healthcare's push into the UK market following its May acquisition of a controlling stake in Greenlight Healthcare.

Sigma has also recently completed a merger with Chemist Warehouse, and investors are wary that another large acquisition could bring integration, funding, and execution risks, Jocum said.

Private equity firm Sycamore Partners, which took control of Boots last year through the $10 billion acquisition of its parent Walgreens Boots Alliance, entered into discussions with potential strategic buyers before Easter, the FT reported.

A potential sale would mark a departure from earlier plans to pursue an IPO in London, the FT said.

Reuters could not independently verify the FT report.

A representative for Boots declined to comment. Sigma did not immediately respond to a Reuters request for comment on the financial details cited in the FT report.

In April, Reuters reported that Boots' owners were working with consultants on a strategy overhaul ahead of a potential London IPO as soon as 2027, which also included the possibility of a sale.

(Reporting by Roshan Thomas and Roushni Nair in Bengaluru; Editing by Rashmi Aich and Mrigank Dhaniwala)

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This story was originally published June 10, 2026 at 3:50 AM.