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India’s Reliance Eyes Walgreens’ Boots Business

India’s Reliance Eyes Walgreens’ Boots Business

India's Reliance Eyes Walgreens' Boots Business

Reliance Industries and U.S. buyout firm Apollo Global Management are looking to acquire U.K. pharmacy chain Boots, which is estimated to be valued between $6.2 billion and $7.5 billion.

The deal, if successful, would see Boots expand its business into India and other Southeast Asian countries, as well as the Middle East. However, it remains unclear whether the two firms’ stakes would be of equal sizes.

Reliance and Apollo Global’s interest in acquiring Boots business comes after parent company Walgreens Boots Alliance, the second-largest U.S. pharmacy chain, decided to put its Boots business up for sale as it is looking to focus on its domestic healthcare business.

Reliance and Apollo are not the only firms looking to acquire Boots. The owners of U.K. supermarket chain Asda and private equity firm TDR Capital have also thrown their hats in the ring.

Walgreen’s Boots division operates more than 2,200 stores in the U.K., including pharmacies, health and beauty stores, Reuters reported.

The announcement comes less than a week after Reliance announced that it was backing out of its deal to acquire India’s Future Retail Group.

Reliance also owns other iconic businesses in the U.K., such as toy store Hamleys and country club Stoke Park, both of which were acquired in the last three years.

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