February 26, 2019 / 11:39 PM / 3 months ago

Brazil's largest pharmacy chain Raia Drogasil buys rival from CVS

BRASILIA (Reuters) - Brazil’s largest pharmacy chain Raia Drogasil SA said on Tuesday it would fully acquire Drogaria Onofre, a rival controlled by CVS Health Corp.

Raia Drogasil said in a statement it had reached an agreement with CCI Foreign, S.à r.l., Beauty Holdings and a unit of CVS to buy the chain with 50 stores in Brazil.

CVS bought Drogaria Onofre in 2013 in its first acquisition outside of the United States. Onofre had 479.4 million reais ($127.88 million) in gross revenue in 2018, the statement said.

Reporting by Aluisio Alves and Jake Spring; Editing by Lisa Shumaker

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