February 12 (SeeNews) - Romanian drug trader Help Net, part of Germany's Phoenix Group, said that it has signed an 8.5 million euro ($9.3 million) agreement to acquire 52 pharmacies from Farmaceutica Remedia [BSE:RMAH].
The pharmacies are spread across 14 Romanian counties, with most of them located in Hunedoara, Alba and the city of Bucharest, Help Net said in a statement earlier this week.
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The acquisition will allow Help Net to expand its chain to over 350 pharmacies, it said.
The deal is subject to approval by the competition authority.
Farmaceutica Remedia announced the deal in a filing to the Bucharest Stock Exchange on Wednesday. As at 9:15 CET on Wednesday, its shares traded 14.52% higher at 0.426 lei.
Help Net, established in 1998, has been a part of the Phoenix Group since 2018. Germany's Phoenix Group operates over 2,700 pharmacies in 15 European countries, generating an annual turnover of some 26 billion euro.
($ = 0.9159 euro)