// Boots sees banks lining up as Apollo seeks funding for a £6bn takeover of the retailer

// A new round of bids for Boots is expected next month, with Apollo and Asda seen as the only two serious prospective buyers

Private equity firm Apollo Global Management is lining up banks to fund its potential takeover of Boots, which is thought will cost around £6 billion.

Bank of America, Credit Suisse and Royal Bank of Canada are among those in discussions to help finance a takeover bid from Apollo.

A new round of bids for Boots is expected next month, with Apollo and Asda – which is owned by TDR Capital and EG Group – regarded as the only two serious prospective buyers for the business.

READ MORE: Asda lines up to begin £7bn bid for Boots

Bain Capital and CVC Capital Partners, the private equity firms, are no longer participating in the auction.

Boots owner Walgreens Boots Alliance is said to be keen to offload the guarantees as part of a sale.

At approximately £8 billion, Boots’ pension scheme is one of the largest private retirement funds in the UK.

Meetings between Boots’ management team and bidders were scheduled to take place this week.

Boots trades from more than 2000 stores and employs over 50,000 people, making it one of the UK’s biggest private sector employers.

The sale process is being run by Goldman Sachs.

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