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

Mukesh Ambani teams up with US private equity fund, with Walgreens expected to retain minority stake

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

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