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Boots’ sole suitor rallies lenders as takeover concerns linger on

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Boots is to shut 300 stores, with a focus on areas where a number of stores are close to each other
Boots is to shut 300 stores, with a focus on areas where a number of stores are close to each other

Boots’ sole bidder is relying on four major lenders to get its £5bn-plus takeover closer to the finishing line.

As first reported by Mark Kleinman for Sky News, the consortium of Apollo Global Management and Reliance Industries are pinning their hopes on Royal Bank of Canada, Credit Suisse, Santander and Bank of America to finance the deal.

Indeed, since the US parent firm Walgreens Boots Alliance put the high street chemist up for the sale, fears have mounted around large-scale takeovers, with shoppers pulling back on discretionary spend amid a 40-year inflation high.

Earlier this year, a consortium made up of private equity titans CVC and Bain withdrew from the race after admitting they would only be willing to cough up £4bn for it.

Ornella Barra, one of the owners of Walgreens Boots Alliance, said earlier this year that an IPO had initially been eyed as a way to spin off the chain, before interest from initial takeover firms