Reliance Owner Ambani Is Exploring Options for Acquiring Walgreens’s Boots Chain

    Walgreens Boots Alliance Inc. is a U.S. company headquartered in Deerfield, Illinois, whose drugstore unit is being looked for acquisition by Reliance Industries Ltd, owner, and Billionaire Mukesh Ambani

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    According to people familiar with the matter and who did not wish to be identified as the matter is confidential, Reliance is exploring the feasibility of offering to the Boots Chain. However, it is in the early stages. 

    The richest Indian, Ambani, is pivoting his existing refinery focus business towards new ones that will help tap the billion-plus customers in India. He has been scouting for deals in Europe that include the telecom sector

    As per Bloomberg News, Boots could have a market value of $9.1 Billion. A representative of Reliance declined to comment, and a spokesperson could not be reached after the business hours of Reliance in Mumbai.

    Walgreen, which also owns Benavides and Duane Reade, saw its shares rise by 1.8% on Wednesday at 1.38 pm, making the Illinois-based company’s market capitalization almost $39 billion. 

    Walgreens kickstarted the boots sale early this year. It has displayed interest from private equity firms, including TDR Capital and Apollo Global Management Inc. It also attracted CVC Capital Partners and Bain Capital, who had teamed up to show interest and were early favorites before abandoning their pursuit. 

    If the buyout interest does not attract much interest, Walgreens is considering a potential IPO for Boots. Boots run a chain of 2200 stores approximately in the U.K. and owns brands like No7 Beauty Company.

    The U.S.-based Walgreens Boots Alliance Inc. is expected to decide in the coming weeks. In the event of any transaction taking place, it will keep a minority stake in Boots, according to people. 

    Boots have other operations in Norway, Ireland, Thailand, and the Netherlands and other business-like optician and beauty and personal care products that could be included in the Sale. 



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