Gehe Ireland yesterday announced it had agreed terms with the Ryan Pharmacy Group based in Limerick to acquire its eight pharmacies.
No price was disclosed for the deal which follows German-based Gehe's proposed takeover earlier this month of the Unicare pharmacy chain. The Tβnaiste, Ms Harney, has been asked to assess whether that takeover should be referred to the Competition Authority. Nobody was available at the Department of Enterprise, Trade and Employment last night to comment on the status of the Unicare takeover.
Ms Harney has one month to consider such deals once notified, although that deadline can be extended for another month if further information is required.
If allowed, the sale would give Gehe nearly 50 outlets throughout the State following the Ryan deal. The Unicare deal is believed to be worth more than £100 million (€127 million).
Mr Gerhard Ryan, who founded the Ryan Group in 1986, confirmed the deal to buy his pharmacy chain had received approval from the Department of Enterprise, Trade and Employment and that the sale had been closed.
The Ryan Group employs around 100 people at six pharmacies in Limerick and one each in Cork and Clonmel.
The acquisition is the latest in Gehe's expansion strategy. It already owns 13 pharmacies in Ireland. It entered the Irish market last May when it acquired nine outlets owned by Crowley's Pharmacies. In the Republic, Gehe also owns the Cahill May Roberts wholesale pharmacy group.
Gehe recorded revenues of €4 billion and a pre-tax profit of $62 million in the first quarter of this year. The company's pre-tax profit in the retail pharmacy sector was €8.6 million in the first quarter, with the 31.2 per cent rise boosted by acquisitions.
