EG Group are considering a multi-billion pound takeover of UK's health and beauty retailer Boots.
Bain Capital and CVC Capital Partners placed a joint bid for Boots, which could be worth up to £10 billion. Interest in a Boots bid comes after the Issas brothers sealed a £6.8 billion takeover of Big 4 grocer Asda in 2020.
They borrowed £3.5 billion to finance the transaction and planned to sell Asda’s petrol stations to EG Group, their other company. Boots owner Walgreens Boots Alliance has launched a strategic review of the chemist chain.
Last year in December, Goldman Sachs was lined up as an adviser to explore options including a sale of Boots. An auction of Boots is set to start in the coming weeks, with other grocery giants also expected to be interested in its vast network of stores.
Walgreens chief executive Rosalind Brewer said the process was still at an “exploratory stage” but that “we do expect to move quickly”.
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