Alliance Boots acquires pharmacy chains in Chile and Mexico
Alliance Boots is expanding into Latin America by signing an agreement to acquire 1,400 pharmacy stores in Chile and Mexico.
The acquisition comprises two main businesses which together have combined revenues of around £835 million. Farmacias Benavides is the third largest retail pharmacy chain in Mexico with around 1,000 stores while Farmacias Ahumada is one of the three largest retail pharmacy chains in Chile with around 400 stores.
The transaction, which is subject to regulatory approvals, is expected to complete in the third quarter of 2014.
Alliance Boots, which is part owned by US drugstore operator Walgreens, said the acquisitions would give the company a major presence in Latin America and take it one step closer to becoming a global business.
Stefano Pessina, executive chairman of Alliance Boots, added: “The well-positioned retail pharmacy businesses of Farmacias Ahumada and Farmacias Benavides will be great additions to our group’s unique portfolio of retail, product and service brands around the world. We are confident in the high potential for sustainable growth and value generation that will be unlocked by this acquisition, including the opportunity for consumers in Mexico and Chile to access for the first time leading Boots product brands, such as our renowned skincare and cosmetics ranges.”
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