San Francisco -- McKesson on Monday announced that it has completed the previously announced acquisition of the independent banner and franchise businesses of Katz Group Canada in an all-cash transaction that closed March 25.
McKesson in January agreed to acquire the Canadian company's banner pharmacy business, Drug Trading, and its franchise pharmacy business, Medicine Shoppe Canada, in a deal worth approximately $926 million. Under the terms of the agreement, McKesson substantially will acquire all of the assets of Drug Trading, the shares of Medicine Shoppe Canada and a joint ownership interest in ProPharm’s pharmacy software application.
Katz's banner and franchise operations will be integrated into McKesson’s Canadian pharmaceutical distribution and services business, which is part of McKesson’s Distribution Solutions segment.
McKesson Canada currently operates a number of banner groups, including Proxim, Associated Retail Pharmacy and Family Health Care Pharmacy.