Apollo, a consortium of Reliance Industries, said it would make a binding offer for the Boots

Apollo, a consortium of Reliance Industries, said it would make a binding offer for the Boots

A consortium of Apollo Global Management Inc. and, Reliance Industries Ltd. has made a binding offer for Walgreens Boots Alliance Inc’s. international arm, individuals with knowledge regarding this situation said. The bid for the Boots business is completely backed by committed funding, individuals said, asking not to be identified because the fact that the data is private. Representatives for the consortium and Walgreens declined to remark.

Walsgreen had put up the business for sale in December last year and has been seeking a valuation of about 7 billion pounds ($8.8 billion) for Boots, though bidders had pegged its worth around 5 billion pounds.

The drugstore chain is currently owned by American retail giant Walgreens Boots Alliance and has a presence in the United Kingdom, Ireland, Italy, Norway, the Netherlands, Thailand, and Indonesia.

Boots has a sprawling network of more than 2,200 stores across the UK, many of which need sprucing up. The high street has been hit by slowing demand in recent years, and they’ll need to refocus Boots’ business to adapt to these changing consumer habits.

There’s also the cost of living crisis to contend with. UK retailers have warned of “clouds on the horizon” after recording a sharp slowdown in sales as higher prices cut into spending power.

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