U.S. pharmacy giant buys Brazilian drugstore chain for R$ 600 million
In an operation that marked the entrance of the first foreign group in Brazil’s pharmacy retail area, yesterday the U.S.’s CVS purchased Onofre drugstore chain, Brazil’s eighth-biggest chain in revenues.
Folha verified that the operation involved the sale of 80% of the shares of Onofre, founded by the Arede family, for R$ 600 million. The amount includes the company’s debts deriving from tax liabilities.
The companies didn’t confirm the value. The announcement was made yesterday during the disclosure of CVS’s quarterly results.
CVS is the U.S’s biggest group in retail and pharmacy services, with an income of US$ 123.1 billion (some R$ 246 billion) in 2012.
The approximately 7,500 CVS stores generated a revenue of US$ 63.7 billion last year – more than twice the amount earned by Brazil’s drugstores in 2012. The CVS group also includes medical services and the management of benefits in medication.
(Marianna Aragão & Translated by Thomas Muello | Folha de S. Paulo)
