Chemmart and the Terry White Group are merging to create an Australian retail pharmacy network with $2 billion in sales and 500 shopfronts.
Patrick Davies, CEO of the New Zealand-based EBOS Group, the owner of Chemmart, says the deal will build the strongest network of retail pharmacies in Australia.
“The pharmacy industry is positioned for growth with Australia’s ageing population and positive community attitudes towards health and well-being,” he says.
On the ASX a short time ago, shares in EBOS were up 1.6% to $15.80.
The merger will give EBOS and Terry White each a 50% stake in the merged entity.
EBOS is the largest Australasian wholesaler and distributor of healthcare, medical and pharmaceutical products. It is also a leading Australasian animal care products.
Terry White CEO Anthony White says the networks have complementary retail offerings.
“The merger of the two networks creates a comprehensive national footprint and increased scale which, when combined with capabilities across retail, merchandise and private label, will improve the group’s competitiveness and front line health service delivery for the benefit of all our pharmacy owners and customers,” he says.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.