May 10 (SeeNews) - Bulgarian drug distributor Sopharma Trading [BUL:SO5] has filed for regulatory approval to acquire control of 19 pharmacies making up pharmaceutical chain PharmaStore, the competition authority said.
The deal is expected to affect the local wholesale and retail pharmaceutical markets, the statement, posted on the Commission for Protection of Competition’s website on Tuesday, showed.
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Under Bulgarian competition law, concentrations are subject to mandatory prior notification to the commission where the aggregate combined turnover of all undertakings participating in the concentration in Bulgaria in the preceding financial year exceeds 25 million levs ($13.9 million/12.8 million euro).
The concentration must also fulfil one of the following two conditions: either the turnover in Bulgaria of each of at least two of the undertakings participating in the concentration during the preceding financial year should exceed 3 million levs, or the turnover in Bulgaria of the undertaking – subject to acquisition should exceed 3 million levs during the preceding fiscal year.
In March, Sopharma Trading said once the deal is concluded, the 19 pharmacies will start operating under the SOpharmacy brand.
Sopharma Trading is a unit of Bulgarian drug maker Sopharma [BUL:3JR].
Sopharma Trading shares last traded on Tuesday, when they closed 0.34% higher at 8.73 levs as 1,336 units changed hands on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)