Reliance Industries and Apollo Global Management in £5bn bid for Boots

Boots. Walgreens is thought to have initially wanted at least £6bn for the retailer when it began weighing up a sale last year. Photograph: Maureen McLean/Rex/Shutterstock

The Indian billionaire Mukesh Ambani’s Reliance Industries has teamed up with the US private equity fund Apollo Global Management to make a £5bn bid for the UK’s Boots chain.

The US group Walgreens, which has controlled the pharmacy and beauty retailer since 2012, is expected to keep a minority stake under the deal.