Supermarket chain Shufersal Ltd. (TASE:SAE) announced this morning that it was buying the New-Pharm Drugstores Ltd. drugstore chain from Hamashbir 365 Holdings for NIS 130 million. The consideration includes repayment of a debt of Hamashbir 365 secured on the shares being ought and a payment of NIS 12 million for repayment of a debt owed by a Hamashbir 365 subsidiary to New-Pharm.
The question that now arises is whether the Antitrust Commissioner will approve the deal. The sale agreement states that if regulatory approval is not obtained within three months from the date it is requested, the agreement will be void, unless the parties agree to extend it.
New-Pharm was founded in 1992, and operates 67 branches that, besides containing pharmacies, sell cosmetics, toiletries, baby products, household wares, natural healthcare products, and so on. It employs about 1,100 people.
According to figures released by Hamashbir 365, New-Pharm had NIS 711 million revenue in 2016, 3% more than in 2015, and made a pre-tax loss of NIS 22 million.
Published by Globes [online], Israel business news - www.globes-online.com - on April 9, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017.
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