There is a decisive competition between veteran Indian businessman Mukesh Ambani and the British billionaire Issa Brothers for the UK pharmacy chain Boots. Issa brothers have made the highest bid in the first round. This bid is going to be completed next week and Mukesh Ambani is also making efforts for this deal. Ambani has joined hands with US-based buyout firm Apollo Global Management Inc for Boots and if Ambani wins this bid, it will be his biggest deal outside India.
Issa Brothers took over many companies
Issa Brothers has the most for boots. Over the years, they have focused more on acquisitions, which has led to their flagship company, Easy Group, now becoming a global gas station and convenience store colossus. Most recently, they have joined UK supermarket operator Asda Group Ltd and Fast Food restaurants chain Leon has been acquired. Now Issa Brothers has joined hands with TDR Capital to buy the boots.
Will workout again after buying
Boots retail pharmacy Walgreens is the international arm of the Boots Alliance. Boots is priced at £700 million ($850 million) by Walgreens, but bidders are putting it at £500 million. However, there is a possibility that the bidding for the boots will increase further. Boots has over 2200 stores in the United Kingdom (UK), most of which are in need of a makeover. Due to the sluggish demand in recent years, Boots will now have to make significant changes in its business as per the changing habits of the customers.