Ambani has joined hands with US-based buyout firm Apollo Global Management Inc. for Boots.
Ambani Shopping: Reliance, the country’s largest company by market cap, has bid for UK pharmacy chain Boots Chain Boots. Reliance of Asia’s richest man Mukesh Ambani has made this bid in collaboration with Apollo Global Management. Boots Walgreen is an international arm of Boots Alliance Inc. A consortium of Apollo Global Management and Reliance has bid 500 crore pounds (Rs 48.8 thousand crore) for the boots. Ambani has joined hands with US-based buyout firm Apollo Global Management Inc for Boots and if Ambani wins this bid, it will be his biggest deal outside India.
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Will the decision be in favor of Reliance?
Apollo and Reliance’s bid for Boots is likely to win out as the main rivals are looking to change their mood. The main rivals for the deal are UK billionaire Issa Brothers and TDR Capital, who are looking to pull out of the bid. Bloomberg News had informed about their reluctance in late May. The biggest reason for their reluctance is the disagreement over the price.
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Walgreens seeking a valuation of 700 crores for Boots
Walgreens is seeking a valuation of 700 crore pounds (Rs 68.3 thousand crore) for the boots. Boots has over 2200 stores in the United Kingdom (UK), most of which are in need of a makeover. Apart from this, due to sluggish demand in recent years, Boots will now have to make significant changes in its business as per the changing habits of the customers.
(Input: Bloomberg)
