“Alliance Boots announces today that it has successfully completed the acquisition of minority interests in Hedef Alliance (Turkey) and Farmexpert (Romania) to reach full ownership of these businesses,” reads an Alliance Boots press release.
Alliance Boots, which now owns 100% in Farmexpert, got the shares from businessman Eugen Banciu, who was at his third sale of Farmexpert shares.
The transactions with Farmexpert shares started in 2006 when Germany’s ANZAG (now Alliance Healthcare Deutschland and part of Alliance Boots group) bought 60% in it.
Alliance Healthcare Deutschland bought another 20% last year and has recently completed the third deal for the remaining 20%. Alliance Healthcare Deutschland received legal assistance from Wolf Theiss in this third deal.
Last year, the buyer spent EUR35.5 million to buy 25% in Farmexpert (which included both the price paid to founder Eugen Banciu and the acquisition-related costs), according to Mediafax.
There is no information about the value of the recent transaction.
A Wolf Theiss release says the latest acquisition is also a strategic move by Alliance Boots in Romania. It cites data showing Farmexpert with an over 15% market share.
Farmexpert posted EUR461 million revenue and EUR19.4 million net profit last year, according to the Finance Ministry website.
(English version by Loredana Fratila-Cristescu)