05.02.22
According to the Financial Times, Mukesh Ambani, India’s second richest man, and U.S. buyout firm Apollo Global Management are planning a joint bid for UK pharmacy chain Boots.
The private equity firm is working with Ambani’s Reliance Industries on a bid that if successful, would see the retailer expand its presence into India, South-East Asia and the Middle East.
Under the plan, both groups would own equity stakes in Boots.
Boots’ U.S. parent Walgreens Boots Alliance put the business up for sale last December to focus on healthcare in its domestic market. It has set a deadline of May 16 for bids.
The sale process, in which the UK chain could potentially be valued at between £5 billion ($6.3 billion) and £6 billion ($7.5 billion), has been beset by difficulties from the beginning. Bain Capital and CVC Capital Partner both recently dropped out of the running.
Mohsin and Zuber Issa, owners of UK supermarket chain Asda, and private equity group TDR Capital have also made an initial bid for Boots.
The private equity firm is working with Ambani’s Reliance Industries on a bid that if successful, would see the retailer expand its presence into India, South-East Asia and the Middle East.
Under the plan, both groups would own equity stakes in Boots.
Boots’ U.S. parent Walgreens Boots Alliance put the business up for sale last December to focus on healthcare in its domestic market. It has set a deadline of May 16 for bids.
The sale process, in which the UK chain could potentially be valued at between £5 billion ($6.3 billion) and £6 billion ($7.5 billion), has been beset by difficulties from the beginning. Bain Capital and CVC Capital Partner both recently dropped out of the running.
Mohsin and Zuber Issa, owners of UK supermarket chain Asda, and private equity group TDR Capital have also made an initial bid for Boots.
