Mukesh Ambani, an Indian billionaire, is considering a takeover attempt for Boots, a British high-street retailer.
Mr. Mukesh Ambani is the largest stakeholder and chairman of Reliance Industries, a retail-to-energy company. Reliance Industries, based in Mumbai, is collaborating with Apollo Global Management, a US buyout firm, on a potential bid.
The Walgreens Boots Alliance launched a review of the Boots business earlier this year, and the company was apparently placed up for sale.
Boots will expand into India, Southeast Asia, and the Middle East, as well as boost its business in the United Kingdom, as part of the deal. Reliance and Apollo would each possess an interest in Boots under the arrangement, however it remained unclear if they would be equal partners in the company.
According to the Financial Times, which broke the story first, Boots, which has over 2,200 pharmacies, health and beauty outlets in the UK, might be worth £6 billion ($7.5 billion). For months, the future of the 173-year-old Boots company has been in doubt.
The Walgreens Boots Alliance, the shop’s US-based owner, revealed in January that it has begun a strategic assessment of the retailer “in line with its previously declared priorities and strategic direction, which include a stronger focus on US healthcare.”
“Further announcements will be made in due time, after the best option for Boots’ future and for all stakeholders has been decided,” the business added.
Asda’s owners, brothers Mohsin and Zuber Issa, as well as private equity firm TDR Capital, are said to have made an initial proposal for Boots. Mukesh Ambani has been expanding his retail footprint by presenting Reliance Industries as a behemoth in the industry. Its retail ambitions span everything from high-end clothes to gadgets and food.
With over 12,000 outlets across India, the corporation oversees India’s fastest expanding and most lucrative retail industry. Mr Ambani has also been raking in cash as he seeks to develop his e-commerce activities in order to compete with Walmart-owned Flipkart and Amazon.
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