March 18 (SeeNews) - Romania's competition authority said on Wednesday that it has approved the takeover of the local operations of Czech Republic-based healthcare company Walmark by Germany-headquartered STADA Arzneimittel.
"Following a review of the transaction, the Competition Council found that it does not raise significant obstacles to effective competition in the market, in particular by establishing or strengthening of a dominant position," the anti-trust body said in a statement.
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Private equity investor Mid Europa Partners said at the beginning of November that it has signed an agreement to sell Walmark's business in Romania, Bulgaria and seven other EU countries to STADA.
Walmark is a supplier of dietary supplements present in nine EU member states: Romania, Bulgaria, the Czech Republic, Lithuania, Estonia, Latvia, Slovakia, Hungary and Poland.
Walmark has been present in Romania since 1997 and employed 64 at the end of 2018.
In December 2012, Mid Europa acquired 50% of Walmark from the company's founding shareholders.
Stada Arzneimittel is a pharmaceutical company based in Bad Vilbel, Germany which specializes in the production of generic and over-the-counter drugs. It sells its products in over 120 countries and employs 10,400 worldwide.
(1 euro=4.8438 lei)