Nisanov Brothers buys eleven New-Pharm branches

New-Pharm  photo: PR

The sale paves the way for completion of the larger deal whereby Shufersal is buying New-Pharm from Hamashbir. 

Last Thursday, the managements of Shufersal Ltd. (TASE:SAE), headed by Itzik Abercohen, and of Hamashbir 365 Holdings Ltd., headed by Rami Shavit, signed a deal for the sale of eleven branches of New-Pharm to brothers Itzik and Sharon Nisanov for NIS 11 million. In addition, Nisanov Brothers Ltd. will pay NIS 15 million for New-Pharm stock.

The deal fulfils the condition laid down by Antitrust Commissioner Adv. Michal Halperin for completion of the larger deal for the sale of New-Pharm by department store chain Hamashbir to supermarket chain Shufersal.

The deal with Nisanov Brothers covers eleven New-Pharm branches: nine that the Antitrust Commissioner demanded that they should be sold, and two that Hamashbir added – the branches in Eilat and Ariel – to make the deal more attractive to potential buyers.

The nine branches whose sale was mandated are located in close proximity to Shufersal branches. The idea is that these should form a third pharmacy chain to compete with the two existing major chains in Israel, New-Pharm and Super-Pharm.

Bennett Kaplan, who until recently headed the Globus Max cinema chain and held a 25% stake in it, also bid for the eleven New-Pharm branches being offered for sale, but negotiations with him ran aground.

Published by Globes [online], Israel business news - www.globes-online.com - on November 12, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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New-Pharm  photo: PR
New-Pharm photo: PR
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