McKesson acquires Canadian pharmacy operator Rexall
Posted March 02, 2016 6:00 am
SAN FRANCISCO (AP) - Prescription drug distributor McKesson Corp. is buying Canadian pharmacy operator Rexall Health from Katz Group for $2.2 billion, strengthening McKesson's Canadian pharmaceutical supply chain.
The deal would be worth about $1.9 billion after tax benefits. It is expected to close late this year.
San Francisco-based McKesson will acquire about 470 of Rexall's retail pharmacies, bolstering its Canadian operations and bringing the number of employees at its Canadian unit to 13,000.
Shares in McKesson rose almost 2 percent in afternoon trading.
A Rexall drugstore is shown in Ottawa, Ontario, on Wednesday, March 2, 2016. Prescription drug distributor McKesson Corp. is buying Canadian drugstore operator Rexall Health from Katz Group in a deal that will strengthen McKessonâs Canadian pharmaceutical supply chain. The acquisition is expected to close late in 2016. (Justin Tang/The Canadian Press via AP) MANDATORY CREDIT
The Associated Press
Rexall branded products are shown in a store in Ottawa, Ontario, on Wednesday, March 2, 2016. Prescription drug distributor McKesson Corp. is buying Canadian pharmacy operator Rexall Health from Katz Group in a deal that will strengthen McKessonâs Canadian pharmaceutical supply chain. The acquisition is expected to close late in 2016. (Justin Tang/The Canadian Press via AP) MANDATORY CREDIT
The Associated Press