HomeAmericasBusinessNow Mukesh Ambani Might Want to Buy Walgreens

Now Mukesh Ambani Might Want to Buy Walgreens

Now Mukesh Ambani Might Want to Buy Walgreens

MUMBAI (IANS) – Mukesh Ambani’s Reliance Industries Ltd. is now weighing a possible bid for Walgreens Boots Alliance Inc.’s international drugstore unit, according to people familiar with the matter, Bloomberg reported.

Walgreens Boots Alliance, Inc. is an Anglo-Swiss-American holding company headquartered in Deerfield, IL, that owns the retail pharmacy chains Walgreens and Boots, as well as several pharmaceutical manufacturing and distribution companies.

Reliance is in the early stages of exploring the feasibility of an offer for the Boots chain, people said, asking not to be identified discussing confidential information.

Ambani, one of India’s richest men, is in the midst of pivoting his traditionally refining-focused conglomerate toward businesses that will better help him tap India’s billion-plus consumers. He’s also been chasing deals in Europe, including in the telecoms sector, the report said.

Boots could be valued at as much as $9.1 billion in a sale, Bloomberg News reported previously.

Deliberations are ongoing and there’s no certainty Reliance will decide to pursue an approach for Boots, according to sources. A representative for Walgreens declined to comment, while a spokesperson for Reliance couldn’t immediately be reached for comment.

Shares of Walgreens, which also owns Duane Reade and Mexico’s Benavides, were up 1.8 per cent at 1.38 p.m., valuing the business at almost $39 billion.

Walgreens kicked off the sale of Boots earlier this year. It’s drawn interest from private equity firms including Apollo Global Management Inc. and TDR Capital. It also attracted Bain Capital and CVC Capital Partners, who teamed up and were considered early favorites before abandoning their pursuit, Bloomberg reported.

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