Apr 27, 2022
Apollo and Mukesh Ambani’s Reliance plan joint bid for Boots
India's second-richest man Mukesh Ambani and US buyout firm Apollo Global Management are planning a joint bid for UK high street pharmacy chain Boots, according to people familiar with the matter. The buyout group is working with Ambani's Reliance Industries on a bid that if successful would see one of Britain's best-known retailers expand its presence into India, south-east Asia and the Middle East. Reliance is India's largest listed company by market capitalisation and Ambani is the world's eighth wealthiest man, according to Forbes. Boots' US parent Walgreens Boots Alliance put the business up for sale last December in order to focus on healthcare in its domestic market. The owners of UK supermarket group Asda, brothers Mohsin and Zuber Issa and private equity group TDR Capital, have also made an initial bid for Boots.
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