Mukesh Ambani-owned Reliance Industries Ltd and US buyout agency Apollo World Administration are planning a joint bid for UK excessive avenue pharmacy chain Boots, in accordance with a Reuters report.
The joint bid for Walgreens Boots Alliance’s UK-based enterprise, if profitable, would see Boots increase its presence into India, Southeast Asia and the Center East, the report added.
Each RIL and Apollo would personal stakes in Boots below the plan, though it isn’t clear whether or not the stakes can be of the identical dimension, as per the report.
Walgreens put its Boots enterprise up on the market after saying a strategic overview in January because the second-largest US pharmacy chain renews its deal with home healthcare.
The agency has set a deadline of Could 16 for bids, the Monetary Occasions reported.
However the sale, which may worth the UK chain at between 5 billion kilos and 6 billion kilos ($6.27 billion and $7.52 billion), has been fraught with challenges, in accordance with the report.
Outstanding suitors Bain Capital and CVC Capital Companions have dropped out of the bidding course of, the report stated, including that 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.
The Boots enterprise spans throughout 2,200 shops in Britain, together with pharmacies, well being and sweetness shops.
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