Reliance, Apollo Submit Offer for Boots Controlled by Walgreens
- Jun 9, 2022
- Arjun Pandit
India-based conglomerate Reliance Industries and Apollo Management offered a joint bid to acquire the international arm of Walgreens Boots Alliance Inc.
Reliance Industries in partnership with Apollo Management has submitted a binding bid to acquire the international operations of Walgreens Boots Alliance Inc.
The news about the binding offer was first reported by several leading news outlets in India and confirmed by ticker.com.
The U.K.-based Boots has about 2,200 retail locations and employs 51,000 across the island nation with about one third of stores needing improvement.
The company also owns optical stores and hearing centers.
In addition, the U.K. is facing economic headwinds from the rising food and energy prices and consumers are sticking to basic items.
The U.S.-based Walgreens is looking to sell its international operation for at least 8 billion pounds, significantly higher than 5 billion pound estimated by most analysts.
in 2012 Walgreens acquired a 45% stake in Switzerland-based Alliance Boots for $6.7 billion with the option to buy the remaining 55%, which was later completed at the end of 2014 for $15.3 billion.
About a year ago, Walgreens sold a majority stake in Alliance Healthcare to AmerisourceBergen for $6.5 billion.
Alliance Healthcare is one of the largest drug wholesalers in Europe and supplies to 115,000 pharmacies, individual doctor practices, and healthcare centers in 13 countries.
The U.K.-based Sky News earlier had reported that Bain Capital and CVC Capital Partners had considered and later abandoned a joint bid for Boots.