Apollo Global Management and Mukesh Ambani-owned Reliance Industries have finally made a binding bid to acquire UK-based chemist and drusgtore chain Boots.
According to people in the know, Reliance has joined hands with Apollo and made a binding offer for Walgreens Boots Alliance Inc.’s international drugstore arm of £5-6 billion.
A binding offer may help Reliance close the deal ahead of rival bidders, including Britain’s billionaire Issa brothers and TDR Capital.
Satish Meena, an Independent analyst covering e-commerce, said it is a very strategic move by Reliance. He believes that this potential deal comes in line with its e-commerce and retail strategy.
Reliance has already acquired more than a dozen brands including some A-lister designer brands. It is consolidating its online and offline footprint with Jiomart.
On the digital services, too, according to its FY21 annual report, Reliance Jio acquired the right to use spectrum in all 22 circles across India.
Not only that, it has strategic initiatives along with Facebook, and Google for digital inclusion in India.
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