Walgreens Boots drops $7 billion auction
A group led by Reliance Industries Ltd. and Apollo Global Management emerged as the top bidder in Walgreens Boots Alliance, Inc.'s $7 billion auctions to sell drugstore chain Boots and No7 Beauty Company operations.
A group led by Reliance Industries Ltd. and Apollo Global Management emerged as the top bidder in Walgreens Boots Alliance, Inc.'s $7 billion auctions to sell drugstore chain Boots and No7 Beauty Company operations.
Following the conclusion of a review that started in January, Walgreens Boots, which operates the largest network of pharmacies and drugstores in Europe under the Boots brand, announced on 29th June 2022 that it would keep the operation. Walgreens Boots is based in Chicago. It said that despite difficult circumstances and volatile financial markets worldwide, the enterprises had performed well.
CEO Rosalind Brewer said “We have now finished an in-depth analysis of the Boots and No7 Beauty Company, and the results reflect fast-changing and difficult financial market conditions beyond of our control. For these companies, who are ideally situated to continue taking advantage of opportunities given by the expanding healthcare and beauty markets, it is an exciting time. Boots and No7 Beauty Company have excellent underlying value, and the Board and I remain confident in this. Longer-term, we will remain open to all alternatives to maximize shareholder value for both businesses and throughout our company”.
The RIL-Apollo Global collaboration was attempting to acquire $8 billion from a number of banks for the sale, which would have been the largest cross-border acquisition ever made by Reliance Industries Ltd.
