CCPC approves Hickey’s takeover by Uniphar

Deal, worth up to €60 million, will add 36 pharmacies to Uniphar’s network

Uniphar group chief executive Pat Rabbette said the approval from the CCPC came within its expected timeframe.

Uniphar group chief executive Pat Rabbette said the approval from the CCPC came within its expected timeframe.

 

The Competition and Consumer Protection Commission has approved the acquisition of Hickey’s Pharmacy Group by Uniphar.

In a statement on Monday, medical supplies group Uniphar said that it is “delighted” that the acquisition has been approved. The acquisition of Hickey’s, Ireland’s largest family-owned pharmacy chain,was first announced in September, with a potential deal value of up to €60 million. The acquisition will add 36 community pharmacies to Uniphar’s existing network, increasing its retail pharmacies to 335.

Ger Rabbette, Uniphar group chief executive said: “We are delighted to announce the acquisition has been approved by the CCPC within our expected timeline. Hickey’s further enhances our leadership position in supply chain and retail in the Irish market. The Hickeys group bring with it an excellent management team and we welcome on board all of our new colleagues from Hickeys”.

Uniphar said that the acquisition is earnings accretive from completion and will be further enhanced through leveraging Uniphar’s existing infrastructure and scale to unlock additional synergies.

The deal is expected to result in an uplift of about 6 per cent on group EPS for the first half of 2021, rising to 9 per cent in the second half 2021, “with additional synergies to be delivered in 2022”.