ACCC Greenlights Sigma/Chemist Warehouse Merger

• The ACCC has approved a merger deal between pharmacy wholesaler Sigma Healthcare (SIG AU) and pharmacy franchiser Chemist Warehouse, saying the transaction won't substantially lessen competition in Australia's pharmaceutical industry.

• The merger still requires the approval of Chemist Warehouse and Sigma's shareholders, both of which should be a formality. Plus New Zealand's OIO. This could potentially wrap up late-Dec/early-Jan.

• Sigma is up bigly as I type as investors get exposure to Chemist Warehouse's hybrid IPO. However, implied MergeCo pricing appears elevated.