The Co-operative Group announces completion of Pharmacy sale to Bestway Group
The Co-operative Group (‘The Co-operative’) today announces the completion of the sale of its Pharmacy business to Bestway Group (‘Bestway’) for £620 million.*
This follows the previous announcement on 18th July that The Co-operative had entered into an agreement to sell the Pharmacy business to Bestway, following a formal sale process.
The Co-operative has agreed to provide certain services to the Pharmacy business for up to 18 months, under a transitional services agreement, and Bestway will have the right to operate under The Co-operative Pharmacy brand for a transitional period of 12 months.
* the purchase price of £620m is the enterprise value attributed to the business on a cash and debt free basis
For further information contact:
The Co-operative Group
- Russ Brady: Tel: 07880 784442
- Catherine Turner: 07834 090783
- Susanna Voyle / Jonathan Sibun: Tel: 020 7353 4200
For Bestway Group
- Jonathan Glass / Craig Breheny - Brunswick Group: Tel: 0207 404 5959