Sigma Healthcare, owner of Chemist Warehouse, confirmed it walked away from talks to buy UK chemist Boots. The deal, valued around $10bn, was discussed with private‑equity owner Sycamore Partners and earlier with Canada’s Weston family. Sigma said the acquisition would not meet its strategic or capital‑investment objectives, ending what it called a “potentially unique opportunity.”

Boots, founded in 1849, has been on the market since Walgreens Boots Alliance put it up for sale in 2022. Sycamore bought the parent for $23.7bn last year and has floated the idea of a stock‑market listing. Sigma’s recent near‑$6bn merger with Chemist Warehouse and its joint venture with London‑based GreenLight Healthcare had made it a logical suitor.

Shares in Sigma jumped 8% after the pull‑back, reversing a slump that reflected investor unease over a large overseas acquisition. Citi analyst Adrian Lemme noted the process gave Sigma insight into UK market dynamics and investor appetite for cross‑border deals. The group will now concentrate on expanding its Australian footprint while eyeing acquisition chances and will monitor regulatory developments closely.