Ambani’s Reliance teams up with Apollo to make binding bid for Boots

Apollo Global Management and Mukesh Ambani’s Reliance Industries have made a binding bid for UK chemist chain Boots, three people with knowledge of the matter have said.

The deal would allow its US parent Walgreens Boots Alliance to keep a minority stake.

The offer values the company at between £5bn and £6bn, two of the people said.

The pair would seek to expand Boots’s business in Asia.

The offer follows months of uncertainty about the sale of the company after market turmoil in the wake of Russia’s invasion of Ukraine.

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