MEXICO CITY, May 6 (Reuters) - Mexican company Grupo Casa Saba said on Tuesday it had agreed the sale of its pharmacy retail business to European retailer Alliance Boots for 8.3 billion Mexican pesos ($638.07 million).
The transaction requires Alliance to launch a tender offer for the shares of Farmacias Ahumada S.A., which trade on the Chilean stock exchange, Casa Saba said in a statement.
Farmacias Ahumada has over 1,400 stores across Mexico and Chile and is also the franchise licensee for GNC, a chain of health consumer products in Chile and Brazil, it added.
Alliance Boots, which runs Europe’s largest pharmacy chain, is 45 percent owned by U.S.-based Walgreen Co.
$1 = 13.0080 Mexican Pesos Reporting by Mexico City Newsroom