The re-listing of Sigma Healthcare (ASX:SIG) on the Australian Securities Exchange yesterday marks the full implementation of the merger between Chemist Warehouse and Sigma Healthcare, which was first announced in December 2023.
The re-listing of Sigma Healthcare (ASX:SIG) on the Australian Securities Exchange yesterday marks the full implementation of the merger between Chemist Warehouse and Sigma Healthcare, which was first announced in December 2023.
Herbert Smith Freehills is proud to have advised Chemist Warehouse on all aspects of this complex and ground-breaking transaction, including ACCC clearance which was obtained in November 2024.
The merger brings together two of Australia’s most recognised and trusted healthcare brands to form a leading wholesaler, distributor and retail pharmacy franchisor with a market capitalisation of A$34 billion. This deal represents one of the largest mergers and capital markets transactions in Australia for many years. It is notable not just for its size but also because of its unusual structure as a reverse takeover, which brought significant legal complexity.
The HSF team was led by partners Michael Ziegelaar, Natalie Bryce, Baden Furphy and Alex Mackinnon, with Linda Evans and Stephanie Panayi advising on the competition aspects. They were supported by Ling Zhu, Damien Devnarain, Jessica Voong, Caitlin Walker, Alex Lockie, Saskia Gude, Nick Gillies, Bevan Wang, Billy Stafford, Sam Hannah and Yash Ghangas.
HSF partner Michael Ziegelaar said, “The merger is one of the biggest transactions in Australia for a long time and demonstrates the market’s strong interest in quality Australian businesses such as Chemist Warehouse. We are very thankful to Chemist Warehouse for trusting us to help bring them to the ASX and allow Australians to invest in this iconic retail brand.”
HSF partner and Sector Lead for Healthcare Natalie Bryce said, “Pharmacy and pharmacy distribution are essential parts of the Australian healthcare system, and the level of regulation and scrutiny reflects this. We worked closely with the Chemist Warehouse team to navigate through these complexities.”
HSF partner Alex Mackinnon added, “The team at Chemist Warehouse have been a pleasure to work with and we look forward to seeing the merged group go from strength to strength.”
Damien Gance, Chief Commercial Officer of Chemist Warehouse, stated, “HSF played a pivotal role in getting us through the complexity of this merger. Now that it is complete, we will focus on unlocking more value for our customers, staff, franchisees and shareholders.”
Reflecting Chemist Warehouse’s growing international presence, HSF’s Australian team was assisted by our UAE office and by HSF Kewei in relation to (respectively) Dubai and China. Chemist Warehouse’s New Zealand advisor was Bell Gully and its Irish advisor was A&L Goodbody. Rothschild & Co. and Oaktower were financial advisors to Chemist Warehouse on the deal.
This deal is another example of Herbert Smith Freehills’ market-leading work in Australian M&A and ECM. In 2024, HSF was 1st in deal volume in M&A announced and completed deals (LSEG). HSF was also ranked 1st in deal value for advising issuers in 2024 (Bloomberg & LSEG).
