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Future of British Business

Apollo, Reliance Are Said to Make Binding Offer for Boots

  • Investor group submits bid backed by committed financing
  • Indian billionaire bets on growth of UK high street staple
Updated on

A consortium of Apollo Global Management Inc. and Reliance Industries Ltd. has made a binding offer for Walgreens Boots Alliance Inc.’s international arm, people with knowledge of the matter said.

The buyout firm and Indian conglomerate submitted a bid for the Boots drugstore chain this week that’s fully backed by committed financing, the people said, asking not to be identified because the information is private. Their proposal values Boots at more than £5 billion ($6.3 billion), the people said.