One of India’s largest conglomerates, Reliance Industries is currently in constant talks with various financial institutions to raise funds amounting to around $ 8 billion USD so that the group can add Walgreens Boots Alliance’s international subsidiaries to their family.
According to a few sources close to the matter, Barclays Bank and Standard Chartered are the main banks that the representatives of the Indian group is in talks in with to acquire the pharma retail chain, Boots.
Boots currently has a valuation of over $ 6 billion USD according to an offer that was submitted jointly by both Reliance Industries and Apollo Global Management. Both companies however, are yet to make a public announcement or even give an update to the press and people.
The top brass of Boots is set to come together some time this week to talk about the deal that Reliance have apparently submitted and if the green light is given, the board of the conglomerate will come together to give the thumbs up for the acquisition according to people close to the matter.
However, it looks like Walgreens values Boots around $ 8.6 billion USD according to Bloomberg News and any offer that values the company at the $ 6 billion USD range seems like it will not happen and will be flat out rejected by the company. Boots is one of the most successful pharmaceutical companies in the UK with well over 2,000 retail stores all over the United Kingdom. The company was founded all the way back in 1849 and its head office is situated in Nottingham, UK.
However, the Walgreens and Boots alliance company in USA has close 9000 stores all over the 50 states, and other regions as they take up a sizeable chunk of the pharmaceutical retail market share in the United States of America.
The company not only sells drugs and medicines for a whole range of issues and diseases, but they also sell clothing for babies and maternity clothing. Many of the retail stores even have optician services for eyes and they even have hearing tests where they sell hearing aids for people with impaired hearing.
Boots is also present in other countries around the world including Thailand, Malta, the Republic of Ireland, Indonesia, the Netherlands, Indonesia, and Norway. It is safe to assume that if Reliance Industries gets in on the deal, the drug retailers will soon enter the Indian industry as well.