Reliance and Apollo make joint £5bn bid for Boots

One of India’s richest men, Mukesh Ambani of Reliance Industries, has joined forces with a US private equity firm Apollo Global Management to launch a £5 billion takeover attempt for health & beauty chain Boots.

In April the partnering companies began working on a potential move for the historic UK retailer, but it is now understood they have placed a takeover approach.

The possible buyout is part of plans by Reliance to expand rapidly outside of Asia, according to Bloomberg, which first reported the bid.

The process comes after Boots’ current owner, Walgreen Boots Alliance, announced a review of the UK business which could lead to a sale.

Initial reports had suggested that WBA could seek to gain as much as £6 billion for Boots, which owns more than 2,200 stores across the UK.

It is reported that the US retail giant is likely to keep a minority stake in boots as part of a deal.

Apollo is attempting to buy a major UK retailer within two years of failed efforts to buy supermarket chains Morrisons and Asda during their separate sales processes.

Boots has revealed a jump in sales for the three months to February in its latest financial results, amid a recovery in high street footfall.

Total UK sales grew by 15.2% over the quarter to 28 February, compared with the same period last year.