Reliance explores up to $9 billion bid for Walgreens’ Boots business – Bloomberg News
2022.04.13 21:55
FILE PHOTO: Labourers rest in front of an advertisement of Reliance Industries Limited at a construction site in Mumbai, India, March 2, 2016. REUTERS/Shailesh Andrade
(Reuters) -India’s Reliance Industries is exploring a bid for drug retailer Walgreens Boots Alliance (NASDAQ:WBA)’s UK-based Boots business in a deal that could be valued at 7 billion pounds ($9.17 billion), Bloomberg News reported on Wednesday.
The Boots business spans across 2,200 stores in the UK, including pharmacies, health and beauty stores, according to the chain’s website.
Deliberations are ongoing and there is no certainty Reliance will make a bid for Boots. Both Walgreens and Reliance were not immediately available for comments.
US-based Walgreens said in January it was conducting a strategic review of the Boots business as the second largest U.S. pharmacy chain renews its focus on domestic healthcare.
Other suitors for Boots include TDR Capital, which owns supermarket chain Asda, a consortium of CVC Capital Partners and Bain Capital as well as U.S. investment firm Apollo.
($1 = 0.7635 pounds)
