(Bloomberg) -- Apollo Global Management Inc. has been appraising Marks & Spencer Group Plc, the Sunday Times reported, citing unidentified City sources.
The private equity firm began assessing the U.K. retailer after concluding it was undervalued due to the coronavirus pandemic, the newspaper said. It’s unclear whether a recent rally in M&S shares has damped Apollo’s interest, it added.
The interest is the latest sign that U.K. grocers remain in the crosshairs of buyout funds after deals for Asda and Wm Morrison Supermarkets Plc. M&S’s 50% stake in the retail business of Ocado Group Plc increases its appeal to Apollo, the Sunday Times reported.
