Reliance Industries Ltd and Apollo Global Management's consortium is likely to win the bid to acquire Walgreens Boots Alliance Inc's Boots pharmacies unit in the United Kingdom, a move that will help Mukesh Ambani's behemoth strengthen its presence in the healthcare sector.
“RIL-Apollo Global looks likely to be announced as the winner of the binding bidding round.”, a source told Mint. The exact bid has not been specified but the RIL-Apollo consortium has valued the assets of the unit in the range of $7-8 billion.
If US-based Walgreens accepts this bid by Ambani, it will be the largest cross-border acquisition by Reliance. The healthcare company based in Chicago put its Boots unit up for sale in December, seeking a valuation of $8.8 billion.
Walgreens runs over 2,200 Boots pharmacies across the United Kingdom, other European nations including Italy, Ireland, and Netherlands.
Another consortium led by the co-founders of Euro Garages and stakeholders in Asda reportedly withdrew their bids after a disagreement on the valuation of assets.
Published 10 June 2022, 09:05 IST