SYDNEY, June 10, 2026, 02:03 AEST
Sigma Healthcare Ltd could be in focus at the ASX open after the Financial Times said Boots’ owner, Sycamore Partners, is talking with Sigma and Canada’s Weston family about selling the UK pharmacy chain for around $10 billion. That would be instead of going for a London IPO, according to the report. The FT said talks are still early, and there’s no deal yet.
The timing is key here. The report dropped once Australian markets were closed, so there’s no clear signal yet on how Sigma shares will move. Sigma ended Tuesday flat at A$2.92, after a session between A$2.89 and A$2.95. Regular ASX trading goes until 16:00 Sydney, with the closeout auction just after 16:10.
Boots would mean a much bigger UK push for Sigma. Reuters said in April that Boots runs over 1,800 locations in Britain and supplies key National Health Service pharmacy services. Sigma only announced its UK move in May with a GreenLight Healthcare JV aimed at rebranding and growing up to five shops to start.
ASX 200 edges down as consumer, healthcare help curb losses. The S&P/ASX 200 dropped 20.90 points, or 0.24%, to end at 8,604.20 on Tuesday. Defensive names in consumer and healthcare stocks limited an earlier slide for the benchmark.
Sigma’s investor site didn’t list any fresh ASX announcements after the May 4 Macquarie Australia Conference update. So the Boots report stands as media-only at this stage, with no confirmation from the company.
May’s update remains in place. Sigma reported a 16.7% lift in Australian Chemist Warehouse-branded store sales for the year ended April 30. Like-for-like sales climbed 14.4%. International stores brought in a 24.7% gain for the year to March 31. CEO and Managing Director Vikesh Ramsunder said the company’s “operational performance is pleasing,” adding GreenLight gives “measured market access into the UK.”
Sigma’s latest half-year numbers show why the Sigma-Chemist Warehouse merger still has investor support. Sigma booked first-half revenue of A$5.5 billion, a 14.9% increase, with normalised EBIT at A$582.9 million, up 18.7%. Normalised net profit rose 19.2% to A$392.0 million. The company also reported A$13.0 million in early merger synergies on the way to a A$100 million-a-year target for FY29.
Sigma is still working through the Chemist Warehouse merger. Sigma shareholders gave the green light to the deal in January 2025. Reuters said Chemist Warehouse will end up with 85.8% of the combined firm, supplying roughly 1,200 Sigma-aligned pharmacies and running over 658 Chemist Warehouse stores.
The competition is straight ahead. The FT says Sigma is facing off with the Weston family, owners of Loblaws and Shoppers Drug Mart, in a fight over scale, buying clout and pharmacy retail expertise, not just opening more stores.
The risk is clear enough. Talks might stall, another group could step in, or a deal—on price or funding—could end up too much for a company still working through the Chemist Warehouse tie-up. Expanding from five UK stores to Boots’ nationwide network would mean more regulatory pressure, push on the balance sheet, and test management. It could also pull focus from Australia’s stores and the international plans already announced.
