The Co-operative Group has completed of the sale of its pharmacy business to cash &carry group Bestway for £620m.
On July 18, the Co-operative had entered into an agreement to sell the business to Bestway; other interested parties included Alliance Boots, the Carlyle Group and LloydsPharmacy.
The Co-operative will provide a number of services to the pharmacy business for up to 18 months as part of the transitional services agreement.
Bestway also has the right to operate under The Co-operative Pharmacy brand for one year.
Bestway said it plans to confirm the new brand name for the business by the end of first quarter 2015.
Speaking on the acquisition, Zameer Choudrey, Bestway's group chief executive, said: “We are delighted to have brought The Co-operative Pharmacy business into the Bestway family, adding an exciting 4th pillar to our growing and diverse business portfolio."
Since announcing the transaction, he said the company had continued to be impressed by the business, which has carried on performing strongly, operating ahead of budget.
"At the time, we said our approach was to support the existing management to drive the business forward, and this is precisely what we are doing, ensuring minimum disruption,” he concluded.
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