Alliance Boots and its shareholders today announce that they have reached an agreement to acquire a further 51.65% stake in Andreae-Noris Zahn AG (“ANZAG”) and are simultaneously announcing their intention to launch a voluntary tender offer for the remaining shares (18.4%) at approximately €26 per share. Alliance Boots has held an associate interest in ANZAG for many years, being the largest shareholder with a stake of 29.99% since 2004.
ANZAG is one of the three largest pharmaceutical wholesalers in Germany, Europe’s largest pharmaceutical market, where it operates 24 distribution centres serving approximately 8,000 customers of whom 1,100 are members of its virtual chain “Vivesco”. ANZAG also has pharmaceutical wholesale businesses in Lithuania and Romania and an associate in Croatia. For its financial year ended 31 August 2010, ANZAG announced revenue of €4.2 billion (equivalent to £3.7 billion**) and profit before tax of €40 million (equivalent to £35 million**).
The 51.65% stake is being acquired from companies owned or controlled by three other German wholesalers; Celesio AG, Phoenix Pharmahandel GmbH & Co KG and Sanacorp Pharmahandel GmbH. The acquisition and voluntary tender offer are both subject to regulatory approvals.
Stefano Pessina, Executive Chairman, Alliance Boots, commented:
“After many years of being the largest shareholder of ANZAG, we are now strengthening our partnership with this leading German pharmaceutical wholesaler in order to offer an even larger range of services to pharmacists across the country and become their partner of choice. This should also enable us to reinforce our strategic ties with manufacturers throughout Europe. ANZAG will continue to focus on meeting the needs of its valued customers and on its long standing commitment to pharmacy. This commitment shapes both the culture of ANZAG and Alliance Boots and will remain unchanged. This acquisition is key for our growth strategy and is a further step with regards to our expansion in Europe and beyond.”
Alliance Boots is a leading international pharmacy-led health and beauty group offering a wide range of products and services to our customers working in close partnership with manufacturers and pharmacists. Our two core business activities are pharmacy-led health and beauty retailing and pharmaceutical wholesaling. Alliance Boots is privately-owned and employs over 115,000* people. Its wholesale and distribution network serves over 150,000* pharmacies, doctors, health centres and hospitals from over 360* pharmaceutical wholesale distribution centres in 16* countries. It operates more than 3,250* health and beauty retail stores in nine* countries, of which just under 3,150* have a pharmacy.
Vivesco is a trademark of Andreae-Noris Zahn AG
UniCredit are the financial advisors to Alliance Boots for this transaction
* Figures stated are as at 31 March 2010, are approximate and include associates and joint ventures.
** Exchange rate of €1.14 = £1.00
Further information on the transaction can be found on: www.ahd-offer.com
For additional information, please contact:
- Yves Romestan / Sanam Conway, Alliance Boots - Tel: +44 (0) 1932 871400
- UK: Katie Lang / Kirsty Flockhart, Finsbury - Tel: +44 (0) 20 7251 3801
- Germany: Felix Schönauer, Hering Schuppener - Tel: +49 160 53 62 869