Shoppers Drug Mart Corp. (SG.TO) announced that it has entered into a definitive agreement with Paragon Pharmacies Ltd. (PGN.V) pursuant to which Shoppers has agreed to purchase from Paragon 19 retail pharmacies and three central fill pharmacies located in British Columbia, Alberta and Manitoba for a purchase price of about $75 million in cash, subject to certain adjustments.
The company stated that the completion of the transaction is subject to the approval of Paragon's shareholders, acceptance by the TSX Venture Exchange and certain other customary closing conditions. The parties anticipate that the transaction will close in the third quarter of 2012.
The acquisition of the Paragon retail pharmacies, along with the central fill locations that service the long-term care market, represents a meaningful expansion of Shoppers' retail presence in western Canada and provides a platform for the company's MediSystem Technologies Inc. business to enter the British Columbia and Manitoba markets.
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