Apollo, Reliance Industries make binding bid for Boots at up to £6bn valuation | AltAssets Private Equity News
Summary
Apollo Global Management is said to have teamed up with Mukesh Ambani’s Reliance Industries to make a binding bid for UK chemist chain Boots, which values the company at £5bn to £6bn. Never miss a story – click to sign up to AltAssets’ free daily PE newsletter Reliance is India’s largest listed company by market capitalization. TDR Capital and Mohsin and Zuber Issa – the founders and co-CEOs of petrol station forecourt retailer business EG Group – were reported to be considering to walk away from its proposed Boots buyout after being asked to increase their offer two weeks ago. Global buyout major Apollo is also said to be in talks with Elon Musk to provide further preferred equity financing to reduce the $21bn cash contribution he has committed in the Twitter acquisition deal. It has also been involved in a few retail chain deals recently including exiting a majority stake in specialty grocer The Fresh Market at a 8x adjusted EBITDA multiple last month, agreed a $1.75bn investment in Cerberus Capital-backed grocery chain Albertsons last year, and invested in LA-headquartered Smart & Final for a second time in 2019 in a $1.1bn deal.