June 17, 2016 / 11:38 AM / 2 years ago

Brazil's Extrafarma enters talks to buy Brasil Pharma unit -report

BRASILIA, June 17 (Reuters) - Brazil’s drugstore chain Extrafarma Ltda entered exclusive talks for up to 180 days to buy rival Big Ben, a subsidiary of Brasil Pharma SA, newspaper Valor Economico said on Friday.

The acquisition would nearly double Extrafarma’s revenues, according to the newspaper, citing an anonymous source with knowledge of the discussions. The price had yet to be determined, the newspaper added.

Extrafarma is a subsidiary of Brazilian holding company Ultrapar Participacoes SA. Brasil Pharma SA is controlled by investment bank BTG Pactual SA, which has sought to sell assets after the arrest of its founder André Esteves last November prompted massive client withdrawals.

Representatives with Ultrapar and Brasil Pharma did not immediately respond to request for comments. (Reporting by Silvio Cascione; Editing by Bernadette Baum)

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