Reliance and Apollo join forces in bid to secure Boots takeover

Boots fascia

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.

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