Reliance and Apollo plan joint bid for Walgreens’ Boots business

Boots operates 2,200 stores in the UK, including pharmacies, health and beauty stores.

India’s largest listed company Reliance Industries and US buyout firm Apollo Global Management, are planning a joint bid for the UK health and beauty retailer Boots, a spokesperson for Apollo confirmed.

If their bid for Boots is successful, both Reliance and Apollo would own stakes in the business, although it is not clear whether the stakes would be of equal size.

According to the Financial Times, the deal would see Boots expand its presence into India, Southeast Asia and the Middle East.

Earlier this month it first emerged that Reliance, owned by Billionaire Mukesh Ambani, was weighing a possible bid for Boots

Boots has set a deadline of May 16 for potential suitors to place their final offers for the business after its owner Walgreens Boots Alliance put its UK company up for sale after announcing a strategic review in January.

The owners of UK supermarket group Asda – brothers Mohsin and Zuber Issa and private equity group TDR Capital – have also made an initial bid for Boots, which is valued at between £5 billion and £6 billion.

The 173-year-old Boots business spans across 2,200 stores in the United Kingdom, including pharmacies, health and beauty stores.

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