Last Thursday, the managements of Shufersal Ltd. (TASE:SAE), headed by Itzik Abercohen, and of Hamashbir 365 Holdings Ltd., headed by Rami Shavit, signed a deal for the sale of eleven branches of New-Pharm to brothers Itzik and Sharon Nisanov for NIS 11 million. In addition, Nisanov Brothers Ltd. will pay NIS 15 million for New-Pharm stock.
The deal fulfils the condition laid down by Antitrust Commissioner Adv. Michal Halperin for completion of the larger deal for the sale of New-Pharm by department store chain Hamashbir to supermarket chain Shufersal.
The deal with Nisanov Brothers covers eleven New-Pharm branches: nine that the Antitrust Commissioner demanded that they should be sold, and two that Hamashbir added - the branches in Eilat and Ariel - to make the deal more attractive to potential buyers.
The nine branches whose sale was mandated are located in close proximity to Shufersal branches. The idea is that these should form a third pharmacy chain to compete with the two existing major chains in Israel, New-Pharm and Super-Pharm.
Bennett Kaplan, who until recently headed the Globus Max cinema chain and held a 25% stake in it, also bid for the eleven New-Pharm branches being offered for sale, but negotiations with him ran aground.
Published by Globes [online], Israel business news - www.globes-online.com - on November 12, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017