India’s Reliance, Apollo World plan joint bid for Walgreens’ Boots enterprise

A gardener works subsequent to a board of Reliance Industries Ltd at Gandhinagar in Gujarat, India, January 19, 2016. REUTERS/Amit Dave

April 27 (Reuters) – Indian conglomerate Reliance Industries Ltd (RELI.NS) and U.S. buyout agency Apollo World Administration (APO.N) are planning a joint bid for UK excessive avenue pharmacy chain Boots, a spokesperson for Apollo confirmed on Wednesday.

The Monetary Occasions, which first reported on the joint bid citing folks acquainted with the matter, mentioned the deal would see Boots develop its presence into India, Southeast Asia and the Center East. (https://on.ft.com/3vPItzo)

Each Reliance and Apollo would personal stakes in Boots underneath the plan, though it isn’t clear whether or not the stakes can be of the identical dimension, in keeping with the FT report.

Reliance was not instantly out there for remark, whereas Boots declined to remark.

Walgreens Boots Alliance(WBA.O) put its Boots enterprise up on the market after saying a strategic assessment in January because the second-largest U.S. pharmacy chain renews its concentrate on home healthcare. learn extra

The homeowners of UK grocery store group Asda – brothers Mohsin and Zuber Issa and personal fairness group TDR Capital – have additionally made an preliminary bid for Boots, which is valued at between 5 billion kilos and 6 billion kilos ($6.27 billion and $7.52 billion), the report mentioned.

The 173-year-old Boots enterprise spans throughout 2,200 shops in the UK, together with pharmacies, well being and sweetness shops.

Reliance, owned by the nation’s second-wealthiest man Mukesh Ambani, is India’s largest listed firm by market worth and operates companies as various as oil and fuel to retail chains and telecom networks.

Reliance, which has been on an acquisition spree over the previous couple of years, purchased iconic UK companies together with toy retailer Hamleys in 2019 and nation membership Stoke Park final 12 months. learn extra

Reporting by Leroy Leo and Amruta Khandekar in Bengaluru; Enhancing by Aditya Soni and Maju Samuel

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