Clicks is the largest retail pharmacy network in the country.
The acquisition will include 25 in-store pharmacies that will be rebranded to Clicks which will take the national presence of the health and beauty retailer to 632 pharmacies.
In terms of the proposed transaction, Clicks will acquire the pharmacy licences and ethical drug stock, while all staff employed in the pharmacies will transfer from Pick n Pay to Clicks.
Vikesh Ramsunder, chief executive officer of Clicks Group, said the acquisition of the pharmacy chain from Pick n Pay accelerates the strategy of extending the convenience and accessibility of the Clicks pharmacy network.
“Currently 50 percent of the country’s population live within 6km kilometres of a Clicks pharmacy, and we aim to improve this over time as we get closer to customers,” Ramsunder said.
Ramsunder said: “We welcome the opportunity to bring our experience in retail pharmacy to customers of Pick n Pay.”
Pick n Pay chief operating officer Adrian Naude said: “Pick n Pay has only held a relatively small number of pharmacies over the years. We have recently set out our key strategic objectives in terms of future growth, and these do not include the development of a large pharmacy division”.
The proposed transaction is subject to approval by competition and regulatory authorities.
The transaction is non-categorised in terms of the Johannesburg Stock Exchange listings requirements for Clicks.
Group and Pick n Pay and this announcement is therefore made on a voluntary basis.
The transaction will not have a material impact on the earnings and financial position of