News
Nottingham
Indian conglomerate Reliance Industries, led by billionaire Mukesh Ambani (pictured), has submitted a binding bid with buyout firm Apollo Global Management for Nottingham-based pharmacy chain Boots, worth roughly £5bn. The offer follows months of uncertainty over the sale against a backdrop of market turmoil exacerbated by the war in Ukraine, say Kaye Wiggins and Arash Massoudi in the Financial Times. Boots’ US parent company, Walgreens Boots Alliance, put the chain up for sale in December, having decided to focus on healthcare in its home market. Apollo and Reliance’s main competitor for Boots is a consortium made up of Britain’s billionaire Issa brothers, who also own supermarket chain Asda. The consortium has submitted a non-binding offer, but it is as yet unclear if they will follow it up with a formal bid. Additionally, they would “probably face significant challenges” in raising funds,
