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McKesson acquires Rexall Health for C$2.9B

McKesson Corp. acquired Rexall Health for C$2.9 billion after reaching an agreement with the Competition Bureau of Canada.

The company also received approval for the deal under the Investment Canada Act.

As part of the deal, McKesson obtained about 470 retail pharmacies and has agreed to divest stores in 26 local markets that the regulator identified during its review of the transaction.

The company also appointed Domenic Pilla as CEO of McKesson Canada, effective Jan. 3, 2017. Rexall Health's current CEO Jürgen Schreiber will leave to pursue other opportunities.

Pilla is expected to appoint a new president of Rexall Health in the future to provide day-to-day leadership for Rexall.

McKesson expects Rexall Health to be flat to adjusted EPS for the fiscal year 2017, as earnings attributable to Rexall Health will be offset by an anticipated charge related to a fair value adjustment of acquired inventory. It expects the deal will be 30 cents to 35 cents accretive to adjusted EPS by the third year after the deal closes, on a constant currency basis.