Mexican Pharma Launches Chilean Offer

Mexican pharmacy chain and distributor Grupo Casa Saba has formally launched an offer to acquire up to 100% of Chile’s Farmacias Ahumada (Fasa) drugstore chain for $637m equivalent, or CLP1,642 per share, after Mexico’s antitrust regulator approved the deal. The offer is contingent on Saba obtaining at least 51% of Fasa shares from the open market. Casa Saba says in a regulatory filing that HSBC and Banorte will provide financing for the deal, but does not disclose terms. Buyer and seller had originally agreed in May to a deal, which includes assumption of about $162m in debt, and which the buyer says makes it the leading LatAm drugstore. Fasa’s Goldman Sachs and Servicios Financieros Altis are advising Fasa. Estructura Partners/Cicerone advised Saba, which claimed $2.2bn in sales last year. Fasa is controlled by founder Jose Codner and had $1.65bn in sales in 2009.