Reliance Industries and Apollo have made a £5.5bn bid for Boots, in a deal that would leave the pharmacy chain’s US parent with about 30%.
The deal would give the private equity firm and Reliance, which is owned by India’s richest man, control of Boots’ 2,200 high street shops and 550 opticians. The duo already has plans to expand the operation into India. Reliance made a splash in the UK in 2019 by buying the London toy retailer Hamleys for nearly £70m
Allowing Walgreens Boots Alliance to keep a significant chunk of the business has reduced the price tag to below the £7bn asking price.
Walgreens is expected to deliver its verdict in the next few days.
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