Health & Beauty

Apollo lines up banks to finance Boots bid

Bain Capital and CVC Capital Partners, who were also thought to be actively considering bids, are said to be longer participating in the auction for the business

Private equity firm Apollo Global Management is reportedly lining up banks to help it finance a takeover offer for UK high street chemist Boots.

According to Sky News, Apollo is in talks with Bank of America, Credit Suisse and Royal Bank of Canada to help fund the move that is thought to cost around £6bn. It comes as the outlet also reports that a new round of bids are expected next month with Apollo and Asda owners TDR Capital and EG group as the two frontrunners.

Bain Capital and CVC Capital Partners, who were also thought to be actively considering bids, are said to be longer participating in the auction for the business.

The news comes after the prospective bidders met with the high street chemist chain’s management earlier this week.

Prospective bidders for the business were previously given until the end of February to submit their first-round bids.

Reports first emerged that Walgreens Boots Alliance had started the sales process for its Boots international drugstore unit in January of this year.

At the time, Walgreens was said to be “sending out preliminary information on the business to potential suitors ahead of first-round bids due in the coming weeks”.

Boots, which has 2,200 stores in Britain and employs around 55,000 people.

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