Bidders close in on £7bn sale for Boots

By Becky Bargh 21-Mar-2022

Following a ‘surprise’ dropout of frontrunners CVC and Bain Capital, suitors are beginning to talk terms

Boots is the UK's biggest beauty retailer

Boots could be on the verge of announcing a new owner.

Managers of the British high street name are expected to meet with potential suitors this week as the battle continues over the Walgreens Boots Alliance-owned (WBA) retailer.

The Sunday Times reported that American private equities Apollo and Sycamore are among the companies that have submitted non-binding bids for Boots.

City sources, however, are sceptical about a firm offer.

Apollo and Sycamore come up against the billionaire Issa brothers – the owners of Asda – who are also in the running, as well as TDR Capital, a British private equity firm.

Supposed frontrunners for the buyout, meanwhile, Bain Capital and CVC Capital, dropped out of the race for the retailer and its 2,200 stores earlier this month.

Sources at the time said that the price expectations of Boots’ owners were too great.

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But talks could be revived if WBA was willing to accept a lower price.

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