Decision on Uniphar acquisition of business behind CarePlus chain due in December

An investigation into Uniphar’s association with rival pharmacy group NaviCorp is expected to be completed by December.

aviCorp operates the CarePlus and StayWell chains, as well as Thera Pharmaceuticals, TouchPlus Technologies and Pembroke Healthcare.

The Competition and Consumer Protection Commission (CCPC) said Thursday it was still investigating the proposed merger but had issued an “evaluation” with its preliminary views.

The news comes just days after Dublin and London-listed Uniphar announced it would buy leading pharmacy retailer McCauley.

Market estimates assume a sales price of around 50 million euros. The deal would add 37 retail stores to Uniphar’s growing presence in the Irish consumer market, giving it a 7 per cent market share.

Uniphar reported sales of almost 1 billion euros for the first six months of the year, up almost 3 percent from 2021, and increased profit by 18 percent. The company also announced a dividend for shareholders.

The company, which went public in 2018, is on track to double its earnings over a five-year period by next year, according to CEO Ger Rabbette.

The CCPC investigates mergers where the combined Irish turnover of the companies involved is at least €60m – and at least €10m for the individual companies.

As part of the merger, which was notified to the CCPC in December 2021, Uniphar would acquire sole control of NaviCorp, which operates the CarePlus and StayWell chains, as well as Thera Pharmaceuticals, TouchPlus Technologies and Pembroke Healthcare.

The CCPC conducted a preliminary investigation into the merger but said in April that a full investigation was needed to determine whether it “could result in a significant reduction in competition in the state”.

https://www.independent.ie/business/irish/decision-on-uniphar-takeover-of-company-behind-careplus-chain-due-in-december-42010082.html Decision on Uniphar acquisition of business behind CarePlus chain due in December

Fry Electronics Team

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