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Investing.com — Private equity giant Apollo Global Management (NYSE:APO) and Indian business tycoon Mukesh Ambani’s Reliance Industries Ltd (NS:RELI) have teamed up to make a binding bid for U.K. drugstore chain Boots, according to the Financial Times, citing three sources familiar with the matter.
Boots’ U.S. parent company Walgreens Boots Alliance Inc (NASDAQ:WBA) would also be allowed to maintain a minority stake.
Two of the sources also told the paper that the deal would value the company between £5 billion and £6 billion.
Apollo and Reliance would also move to expand Boots’ Asian business, the FT said.
