Bain Capital and CVC Capital Partners dropped out of the race for the health and beauty retailer, paving the way for Asda’s billionaire brothers
Asda has taken one step closer to a buyout deal of high street chain Boots after a major consortium abandoned its takeover plans.
Bain Capital and CVC Capital Partners said they would not submit a bid for the health and beauty chain, Sky News reported.
Described as a “surprise decision”, sources said that price expectations of Boots’ owner – Walgreens Boots Alliance (WBA) – largely caused the termination.
Along with Asda, Apollo Global Management and Sycamore Capital are said to be interested in a takeover.
Offers of more than £6bn, Sky News said, were submitted last week.
Boots currently operates more than 2,000 beauty outlets and employs 55,000 members of staff.
Goldman Sachs is running the sale.