30 September 2013 23:36 [Source: ICIS news]
HOUSTON (ICIS) -- Brazil-based Ultrapar has agreed to acquire the Extrafarma drugstore chain for reais (R) 1.01bn ($455m, €337m), the company said on Monday.
Under the deal, Ultrapar will acquire all Extrafarma shares from the seven current shareholders, who are heirs to the company's founder. In return, they will receive up to 16m newly issued Ultrapar shares.
The deal should close in early 2014, pending regulatory and shareholder approval.
Extrafarma CEO Paulo Correa Lazera will remain in charge of the retail pharmacy business.
Extrafarma is one of the 10 largest drugstore chains in Brazil, Ultrapar said.
The deal will allow Ultrapar to accelerate Extrafarma's expansion plans through drugstore openings in the company's Ipiranga service stations and Ultragaz resellers, the company said.
Ultrapar owns fuel distributors Ipiranga and Ultragaz, liquid bulk storage firm Ultracargo and specialty chemicals producer Oxiteno.
($1 = R2.22, $1 = €0.74)
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