Wednesday, 06 Jul, 2022


Mukesh Ambani plans bid for Boots, reports say

Business Desk |
Update: 2022-04-28 12:20:59
Mukesh Ambani plans bid for Boots, reports say

Indian billionaire Mukesh Ambani is reportedly planning a takeover bid for the UK high street chain Boots.

Mr Ambani is the biggest shareholder and chairman of retail-to-energy group Reliance Industries.

Mumbai-based Reliance is reportedly working on the potential bid with US buyout firm Apollo Global Management.

Earlier this year, the Walgreen Boots Alliance announced a review of the Boots business and reportedly put the company up for sale.

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An Apollo spokesperson confirmed to the Reuters news agency that it was working on a joint offer for Boots with Reliance.

The deal could see Boots expand into India, Southeast Asia and the Middle East, according to The Financial Times, which first reported the joint bid citing people familiar with the matter.

Under the plan, Reliance and Apollo would reportedly own stakes in Boots, although it was not clear whether they would be equal partners in the business.

Boots - which has more than 2,200 pharmacies, health and beauty stores in the UK - could be valued at as much as £6bn ($7.5bn).

The Walgreen Boots Alliance, Reliance and Apollo did not immediately respond to BBC requests for comment.

The future of the 173-year-old Boots business has been in question for months.

In January, its US-based owner, the Walgreen Boots Alliance said it had started a strategic review of the retailer "in line with its recently announced priorities and strategic direction that include a greater focus on US healthcare".

"Further announcements will be made in due course, after the right decision has been reached for Boots' future and for all stakeholders," the company said.

The owners of UK supermarket group Asda - brothers Mohsin and Zuber Issa and private equity firm TDR Capital - have also reportedly made an initial bid for Boots.

Source: BBC

BDST: 1220 HRS, APR 28, 2022

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