{"id":205322,"date":"2022-06-09T16:45:11","date_gmt":"2022-06-09T15:45:11","guid":{"rendered":"https:\/\/theindustry.beauty\/?p=205322"},"modified":"2022-06-09T16:46:23","modified_gmt":"2022-06-09T15:46:23","slug":"reliance-and-apollo-make-joint-5bn-bid-for-boots","status":"publish","type":"post","link":"https:\/\/theindustry.beauty\/reliance-and-apollo-make-joint-5bn-bid-for-boots\/","title":{"rendered":"Reliance and Apollo make joint \u00a35bn bid for Boots"},"content":{"rendered":"<p>One of India\u2019s richest men,<strong> Mukesh Ambani of Reliance Industries, has joined forces with a US private equity firm Apollo Global Management<\/strong> to launch a \u00a35 billion takeover attempt for health &amp; beauty chain Boots.<\/p>\n<p><!--more--><\/p>\n<p>In April the partnering companies began working on a potential move for the historic UK retailer, but\u00a0it is now understood they have placed a takeover approach.<\/p>\n<p>The possible buyout is <strong>part of plans by Reliance to expand rapidly outside of Asia, according to Bloomberg,<\/strong> which first reported the bid.<\/p>\n<p>The process comes after Boots\u2019 current owner, Walgreen Boots Alliance, announced a review of the UK business which could lead to a sale.<\/p>\n<p>Initial reports had suggested that<strong> WBA could seek to gain as much as \u00a36 billion for Boots, which owns more than 2,200 stores across the UK.<\/strong><\/p>\n<p>It is reported that the US retail giant is likely to keep a minority stake in boots as part of a deal.<\/p>\n<p>Apollo is attempting to buy a major UK retailer within<strong> two years of failed efforts to buy supermarket chains Morrisons and Asda during their separate sales processes.<\/strong><\/p>\n<p>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.<\/p>\n<p>Total UK sales grew by 15.2% over the quarter to 28 February, compared with the same period last year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u2026 <a href=\"https:\/\/theindustry.beauty\/reliance-and-apollo-make-joint-5bn-bid-for-boots\/\">...<\/a><\/p>\n","protected":false},"author":11,"featured_media":205324,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[22639,11680,20782,11455,22638],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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