Billionaire Mukesh Ambani’s Reliance Industries is said to have teamed up with US private equity fund Apollo Global Management to make a 5 billion pounds bid for the UK chemist chain Boots, people with knowledge of the matter said.
US parent Walgreens Boots Alliance (WBA) will retain an unspecified minority stake as part of the deal, the people said.
It was not immediately clear how much stake Reliance and Apollo combine are picking up.
Reliance will add pharmacy and beauty retailing to its burgeoning retail business through the acquisition. The oil-to-retail-to-telecom conglomerate is likely to expand Boots in India.
Reliance did not immediately respond to an email sent for comments.
Boots currently has a presence in the United Kingdom, Ireland, Italy, Norway, the Netherlands, Thailand, and Indonesia.
It has over 2,200 stores,…
