India's Reliance, Apollo Global plan joint bid for Walgreens' Boots business

Indian conglomerate Reliance Industries Ltd and U.S. buyout firm Apollo Global Management are planning a joint bid for UK high street pharmacy chain Boots, a spokesperson for Apollo confirmed on Wednesday. The Financial Times first reported on the joint bid, which the newspaper said would see Boots expand its presence into India, Southeast Asia and the Middle East.

Indian conglomerate Reliance Industries Ltd and U.S. buyout firm Apollo Global Management are planning a joint bid for UK high street pharmacy chain Boots, a spokesperson for Apollo confirmed on Wednesday.

The Financial Times first reported on the joint bid, which the newspaper said would see Boots expand its presence into India, Southeast Asia and the Middle East. (https://on.ft.com/3vPItzo) Both Reliance and Apollo would own stakes in Boots under the plan, although it is not clear whether the stakes would be of the same size, according to the FT report.

Reliance was not immediately available for comment, while Boots declined to comment. Walgreens put its Boots business up for sale after announcing a strategic review in January as the second-largest U.S. pharmacy chain renews its focus on domestic healthcare.

The Boots business spans across 2,200 stores in the United Kingdom, including pharmacies, health and beauty stores.