Brazil Pharma is closer to sell two networks of drugstores for bi R, say sources

SÃO PAULO-Brazil Pharma, third largest pharmaceutical retail company in the country, is close to selling two units for about 1.2 billion reais, a strategy to reduce debt, said two sources with direct knowledge of the transactions.
The Brazil Pharma will sell first Drugstore Rosary district Profarma Distribuidora de Pharmaceuticals, stated the sources. The sale, which can achieve around 200,000,000 dollars, must be completed in the next few days, said the sources.
After that, the Brazil Pharma will sell the drug stores Big Ben by 1 billion reais, said the sources who requested anonymity, because transactions are still being finalized. The buyer will be the arm of drugstores in the industrial and services group Ultrapar Participações, stated the sources, without giving details about the deadline for the announcement of the operation.
The Brazil Pharma, which is supported by BTG Pactual group, did not comment on the subject, as well as Ultrapar and Profarma.
Created as a vehicle to consolidate purchases More Cost-effective networks, Rosario, Farmais, Sant''Anna and Big Ben, the Brazil Pharma faced integration issues, disputes between shareholders, high debt and increased competition.
The process of dismantling Brazil Pharma gained momentum last November, when the funds of BTG Pactual were hit by large withdrawals from customers, following a scandal involving former Bank André Esteves, leaving the institution without available resources for the network operator of pharmacies.
BTG Pactual has managed the sale of the loss-making most economical network to a group of local investors for $ 12,000,000 some months ago.
Brazil Pharma''s shares, which have accumulated a fall of 70% between 2013 and 2015, doubled in value this year amid speculation about the sale of assets.
The Big Ben, which contributes with approximately 40% of annual revenue of Brazil Pharma, has about 150 stores in North and Northeast Brazil, while Rosario has about 130 sales points in the Midwest.