Banks willing to back Reliance-Apollo bid for UK pharmacy chain Boots

The 173-year-old business has over 2,200 stores in the UK, apart from pharmacies as well as a large play in the health and beauty business

Leading banks, according to sources in the know, are willing to finance a joint bid by Reliance Industries and US PE fund Apollo Global Manag­ement in case they acquire UK pharmacy chain Boots, a company controlled by Walgreens Boots Alliance.

A source aware of the development said: “Banks have no issue in financing the bid and the asking price seems to be reasonable.” According to reports, the price is $6-10 billion.

A Reliance Industries spokesperson said: “As a policy we do not comment on media speculation and rumours.”

The person added the company evaluated opportunities on an ongoing basis. A spokesperson for Boots