Apollo lines up banks for £6bn Boots bid as takeover race whittles down
US investment giant Apollo has become a major frontrunner in the bidding race for the UK’s biggest high street chemist, as it lines up banks to finance a £6bn takeover offer for Boots.
The New York-based firm is in talks with Bank of America, Credit Suisse and Royal Bank of Canada to support the bid, according to Sky News which first reported the news.
Apollo and Asda are now thought to be the the only serious contenders to take over the high street giant after initial frontrunners Bain and CVC abandoned their joint bid in February. Sycamore is also not thought to have committed to an offer.
A new round of bids is expected next month.
With over 50,000 employees and 2,000 stores, the sale of the Walgreens-owned firm will mark the takeover of one of the UK’s biggest private sector employers.
Walgreens, which snapped up the firm in 2014, started exploring the sale in December. The process is being run by Goldman Sachs.