McKesson acquires majority stake in Lloydspharmacy owner
US pharmaceutical distributor McKesson Corporation is to acquire a majority stake in Celesio, the owner of the Lloydspharmacy chain.
McKesson has signed an agreement with German group Franz Haniel & Cie to acquire a 50.01% stake in Celesio for around €3.9 billion. The group is also offering €23 per share for the remaining stake in Celesio, and will additionally make a public tender offer for the outstanding convertible bonds of the company. Including assumed debt, the purchase is valued at about €6.1 billion.
The sale will mean the combined company will be one of the largest pharmaceutical wholesalers and providers of logistics and services in the healthcare sector worldwide.
John H Hammergren, chairman and chief executive of McKesson Corporation, said: “We are looking forward to working with Celesio’s management team and employees to provide our customers with more efficient delivery of healthcare products and services around the world. Our customers – from community pharmacies to major hospital networks – will benefit from the increased scale, supply chain expertise and sourcing capabilities of the combined company, together with enhanced access to innovative technology and business services.”
After completion of the transaction, McKesson and Celesio expect to maintain their own brands and continue to support customers through existing channels.
“The agreements announced today with McKesson represent an exciting new chapter for Celesio,” said Marion Helmes, speaker of the Celesio AG management board and chief financial officer. “This transaction is about growth, it positions our operations for success and brings benefits for all Celesio stakeholders. This combination allows two market leaders with complementary geographic footprints to work together in an increasingly global market segment.”
The combined group is expected to have annual revenues in excess €111 billion, around 81,500 employees worldwide and operations in more than 20 countries.
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