EDMONTON – U.S. health care giant McKesson Corp. is buying a big part of Edmonton-based drug store operator Katz Group Canada Inc. for $920 million.
The company says it will acquire the independent outlets and franchise businesses of Katz, a privately held company.
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Those mainly operate as I.D.A. and Guardian brands across Canada.
San Francisco-based McKesson says it expects to pay the $920 million pricetag from its available cash balances.
The independent drug stores acquired operate under the Drug Trading Company Ltd. name and consist of about 850 I.D.A. and Guardian pharmacies.
Medicine Shoppe, the franchise business, provides services to 160 independent pharmacies in Canada.
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