Shufersal in advanced talks to buy New-Pharm

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

The supermarket chain notified the TASE that the talks are in the NIS 115-135 million price range.

The efforts by Israeli supermarket chain Shufersal Ltd. (TASE:SAE) to buy drugstore chain New-Pharm have moved up a gear. Shufersal notified the Tel Aviv Stock Exchange (TASE) this morning that the parties were in advanced talks, and for the first time it revealed the value of New-Pharm, with the talks being conducted in the NIS 115-135 million price range.

Shufersal added that its board of directors has yet to approve any deal nor has any approval yet been received from the Israel Antitrust Authority. It is therefore by no means certain that any deal will eventually be signed.

Founded in 1992, New-Pharm operates a chain of 67 retail pharmacy branches around Israel, which sell cosmetics, toiletries, baby and household products and more as well as pharmaceuticals.

In 2015, New-Pharm was in talks to be acquired by the New Hamashbir Lazarchan Ltd. (TASE:MSZB) department store chain for NIS 165 million but the deal was never completed. Tiv Taam Holdings 1 Ltd. (TASE:TTAM) supermarket chain has also expressed interest in New-Pharm.

Published by Globes [online], Israel business news - www.globes-online.com - on March 30, 2017

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

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