29th Jul 2015 08:27
LONDON (Alliance News) - FTSE 100-listed supermarket J Sainsbury PLC on Wednesday said it has struck a deal to sell its pharmacy business to Germany's Celesio AG for GBP125 million.
Sainsbury's said that, under the deal, Lloyds Pharmacy, which Celesio owns, will acquire its pharmacy business and will pay the supermarket annual rent payments to operate its in-store pharmacies.
Lloyds Pharmacy will buy 281 pharmacies in total, including 277 in-store locations and four located in hospitals. They will all be rebranded under the Lloyds Pharmacy name.
The deal is expected to complete by February 2016.
Sainsbury's shares were up 0.5% to 260.67 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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