Indian conglomerate Reliance Industries Ltd. is looking to make its way into the UK pharmacy market. According to finance outlet Mint, Reliance is currently working on securing $8 billion capital to acquire pharmacy chain Boots.
Reliance Industries have been in contact with Barclays Bank, Deutsche Bank, and Standard Chartered, among other banks, to secure the necessary amount. Reportedly, American investment management firm Apollo Global Management Inc. is also included in the deal.
Reliance already submitted a binding offer that values Boots at $6.1 billion. However, it is understood that the initial bid will have to be sweetened as Boots’ parent company Walgreens Boots Alliance is looking to get around $8.6 billion.
The Walgreens Boots Alliance board is expected to meet sometime this week to discuss the takeover. In order for the deal to go through, the Reliance Industries Ltd. board will also have to give the green light.
Boots is one of the largest health, beauty, and pharma retailers in the United Kingdom in terms of revenue and the number of stores. There are 2,000 locations in the UK alone, but the chain also does business in a number of other countries, including Ireland, Norway, Thailand, and Indonesia.