RIL, Apollo put in binding bid to acquire UK pharmacy chain Boots

Offer values UK chemist chain at $6.3 billion

A consortium of Apollo Global Management and Reliance Industries has made a binding offer for Walgreens Boots Alliance’s international arm, people with knowledge of the matter said.

The investor group submitted a bid for the Boots drugstore chain this week that’s fully backed by committed financing, the people said, asking not to be identified because the information is private. Their proposal values Boots at more than £5 billion ($6.3 billion or about Rs 49,000 crore), one of the people said. 

The move could put Apollo and Reliance in pole position to buy Boots, after rival suitors started having second thoughts. Their main