Malaysian healthcare company, Big Pharmacy, is to acquire the 75 per cent stake in its rival Caring from 7-Eleven Malaysia for a consideration of RM637.5 million (US$134 million).
The deal includes the acquisition of all of Caring’s subsidiaries and associated companies, which own and operate pharmacy retail chains Caring, Georgetown and Wellings, and all intellectual property rights. The agreement, however, excludes the businesses in Indonesia operated by Era Caring Indonesia and Era Farma Indonesia.
7-Eleven Malaysia accepted the offer on Friday (July 21). Motivasi Optima owns the remaining 25 per cent equity interest in Caring.
“The proposed disposal provides an opportunity for the company to unlock and monetise its investment in Caring,” 7-Eleven Malaysia said in a statement. “After the proposed disposal, the management of the company is able to redirect its resources to grow its convenience store business.”
Founded in 2012, Caring owns and operates the retail pharmacy business under the Caring brand in Malaysia and Indonesia. The company acquired pharmacy chains Georgetown and Wellings in 2020.
Co-founded by pharmacists Lee Meng Chuan and Lim SIn Yi, Big Pharmacy owns and operates a retail pharmacy business under the ‘Big’ brand, and its acquired chains – My Pharmacy and Mercury Pharmacy – in Malaysia.
Caring Pharmacy was first reported to be on the market last year when 7-Eleven Malaysia Holdings was said to be in talks with several potential Japanese investors.
