Jun 14, 2026 – 12.04pmIt is game over for Sigma Healthcare’s dreams of inking a company-changing acquisition in the United Kingdom. And in a similar vein to the Socceroos’ chances in the FIFA World Cup, it was dead in the water even before it begun.According to multiple people involved in the transaction, who requested anonymity, Sigma, owner of Australia’s biggest pharmacy chain Chemist Warehouse, is expected to announce its withdrawal from what would have been a $14 billion deal to acquire UK health and beauty retailer Boots as early as Monday morning.Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?
Deal off! Investors hold up red card for Sigma’s mega UK M&A bet
The prospect of a monster equity raising – which would have been necessary to fund such a purchase – also had shareholders calling time.
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