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Financial Times: Apollo, Ambani's Reliance Team Up For Boots Bid

Published 06/09/2022, 06:20 AM
Updated 06/09/2022, 06:27 AM
© Reuters

By Scott Kanowsky 

Investing.com -- Private equity giant Apollo Global Management (NYSE:APO) and Indian business tycoon Mukesh Ambani's Reliance Industries Ltd (NS:RELI) have teamed up to make a binding bid for U.K. drugstore chain Boots, according to the Financial Times, citing three sources familiar with the matter.

Boots' U.S. parent company Walgreens Boots Alliance Inc (NASDAQ:WBA) would also be allowed to maintain a minority stake.

Two of the sources also told the paper that the deal would value the company between £5 billion and £6 billion.

Apollo and Reliance would also move to expand Boots' Asian business, the FT said.

A spokesperson for Boots denied to comment on the story.

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