World’s eighth richest man plans a takeover bid for Boots

Image by The Financial Express

Indian billionaire Mukesh Ambani’s Reliance Industries along with US buyout firm Apollo Global Management is planning a takeover of Boots, the UK-based beauty retailer and pharmacy chain.

In early 2022, a review of the business was undertaken by Walgreens Boots Alliance and the company was put up for sale after. The takeover would mean that Boots will see further growth in the UK and will be introduced in India, Southeast Asia and the Middle East.

Ambani’s step towards the deal comes as he looks to expand his footprint in the retail sector. If it comes through, Reliance and Apollo will be stakeholders in Boots which consists of more than 2200 pharmacies in the UK, valued at £6bn.