August 15 (SeeNews) - Bulgarian pharmaceuticals trader Sopharma Trading [BUL:SFT] said it entered into an agreement to acquire nine pharmacies from local peer Royal Pharmacy.
The stores are located in the cities of Sofia, Pernik, Dupnitsa and Radomir and will become part of Sopharma Trading's retail chain SOPharmacy once the deal is completed, the company said in a bourse filing on Monday.
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"The acquisition of nine Royal Pharmacy pharmacies and their subsequent integration into SOpharmacy is part of our strategy to nationally expand our presence in the retail segment of the pharmacy market. This merger will allow us to strengthen our market positions in Pernik, Dupnitsa and Radomir, to be even closer to the patients there and to offer them the advantages of our concept," Sopharma Trading CEO and board member Ventsislav Marinov said.
The transaction is subject to approval by the Bulgarian competition authority, Sopharma Trading said without disclosing the value of the deal.
Royal Pharmacy has been active on the Bulgarian pharmacy market for over ten years and currently operates eleven locations in Sofia, Pernik, Dupnitsa and Radomir.
Sopharma Trading is a unit of Bulgarian pharmaceuticals producer Sopharma [BUL:SFA] and operates over 200 pharmacies under the SOpharmacy brand in more than 40 cities across the country.
Shares in Sopharma Trading last traded on Monday when they closed at 5.95 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)