Brazil Pharma was created in 2009 after BTG Pactual boughtFarmais which raised BR$466M in an initial publicoffer, 70 percent of which is to go toward new acquisitions ofchains of drug makers and pharmacies in Brazil, working capitaland the opening of new stores.
Grupo Brazil Pharmasaid on Thursday it acquired the Big Ben chain ofstores for BR$453 (US$260 million), the latest in astring of mergers and acquisitions in the local pharmaceuticalsector.
A holding of investment bank BTG Pactual focused onBrazilian companies, Brazil Pharma will pay BR$274Min cash and the rest with its common stock.
Big Ben has 146 stores spread across Brazil’s north andnortheast in the states of Para, Amapa, Maranhao, Piaui,Paraiba and Pernambuco, with annual revenues of BR$800M inthe fast-growing region.
The current management of Big Ben will continue on for aminimum of three years.
In August, Raia and Drogasil announced a merger. A few weeks later, Drogaria SP and Pachecorevealed their merger.