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Reliance Industries-Apollo Global Bid For Chemist Chain Boots: 10 Points
10 Jun 2022, 01:55 PM IST
- According to a PTI report, the chemist chain's US parent Walgreens Boots Alliance (WBA) will retain an unspecified minority stake as part of the deal, people with direct knowledge of the deal, said.
- There is no clarity though, on how much stake Reliance and Apollo combine are picking up.
- Reliance will add pharmacy and beauty retailing to its burgeoning retail business through the acquisition. The oil-to-retail-to-telecom conglomerate is likely to expand Boots in India, PTI further reported.
- Boots currently has a presence in the United Kingdom, Ireland, Italy, Norway, the Netherlands, Thailand, and Indonesia.
- It has over 2,200 stores, most of them old, in the UK that need investment for sprucing up as they struggle to deal with retailing shifting online.
- Boots' US parent put the business up for sale last December to focus on healthcare in its domestic market.
- Founded by Quaker John Boot in 1849, Boots has been in private hands since 2007 after it teamed up with Italian billionaire Stefano Pessina's Alliance Unichem.
- WBA in 2017 sold off the Boots manufacturing business. including its Nottingham factory, to the France-based specialist Fareva.
- Sources said private equity groups Bain Capital and CVC Capital Partners dropped out in the early part of the bid process.
- It was not known if another potential bidder - owners of UK supermarket group Asda, brothers Mohsin and Zuber Issa and private equity group TDR Capital - have made a bid, the PTI report said.
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