India’s largest listed company Reliance Industries and US buyout firm Apollo Global Management, which had both previously bid separately for Boots, have launched a joint bid for the health and beauty chain.
If their bid for Boots is successful, both Reliance and Apollo would own stakes in the health and beauty chain, although it is not clear whether the stakes would be of equal size.
Reliance and Apollo want to see Boots expand its physical presence in India, southeast Asia and the Middle East, according to the Financial Times.
An Apollo spokesperson confirmed to Reuters yesterday that it was working on a joint offer for Boots with Reliance.
Previously, Apollo and Reliance had been separately pursuing bids for Boots, alongside other bidders including TDR Capital in partnership with Asda owners Mohsin and Zuber Issa, whose bid is valued at £5bn to £6bn.
A consortium of CVC Capital Partners and Bain Capital are also in the running to take over the health and beauty chain, which has reportedly set May 16 as its deadline for interested parties to submit final bids.
US giant Walgreens kicked off the sale of Boots in January as the group focused on US healthcare.
Boots was initially put up for sale with a £7bn price tag, but it is understood that until now bids have fallen below that threshold.
Walgreens has also considered an IPO of Boots, which has more than 2,200 pharmacies and health and beauty stores in the UK.
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