Philippine grocery chain MerryMart has signed an agreement to acquire a major stake in pharmacy chain Carlos Superdrug.

Founded in 1946, Carlos Superdrug is one of the biggest pharmacy chains in Quezon Province.

The company said it would acquire a minimum post-investment stake of 67 per cent of the pharmacy chain.

According to MerryMart, the deal would help improve the pharmacy’s range of offerings, help its regional expansion, and increase its competitiveness while strengthening its supply chain.

“While the MerryMart Group continues with its organic expansion, MerryMart will continue to keep its eyes open for M&A (merger and acquisition) opportunities in both the grocery and pharmacy space that would accelerate its growth to capitalise on the continued consolidation from traditional to modern retail in the Philippines.” said Edgar “Injap” Sia the 2nd, Chairman, MerryMart.

The current management team of Carlos SuperDrug will still continue to run the pharmacy chain’s operations, the company added.