A group led by Reliance Industries Ltd. and Apollo Global Management emerged as the top bidder in Walgreens Boots Alliance, Inc.’s $7 billion auction 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 Tuesday 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.
“We have now completed a thorough review of Boots and No7 Beauty Company, with the outcome reflecting rapidly evolving and challenging financial market conditions beyond our control. It is an exciting time for these businesses, which are uniquely positioned to continue to capture future opportunities presented by the growing healthcare and beauty markets. The Board and I remain confident that Boots and No7 Beauty Company hold strong fundamental value, and longer term, we will stay open to all opportunities to maximize shareholder value for these businesses and across our company,” said chief executive Rosalind Brewer.
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 RIL.
Aryan Jakhar works as an Editor-in-Chief at The Shining Media. Also, he is an editor at YouthPolitician (digital media situated in Taiwan). He writes his opinions on social issues at YouthKiAwaaz and also on his blogger website.