2024-01-11 from theglobeandmail.com
Rexall’s American owner is shopping the pharmacy chain to prospective buyers, according to sources, as McKesson Corp. reconsiders its Canadian footprint after a 15-year expansion.
Texas-based McKesson Corp. is a distribution giant for the pharmaceutical industry, and the company took a particular interest in Canada starting around 2008. Initially, McKesson Corp. expanded by acquiring independently owned pharmacies, but it made a major splash in 2016 with the acquisition of Rexall from the Katz Group Canada Ltd. for $2.9-billion.
Eight years and a pandemic later, McKesson Corp. is looking to unload Rexall and has been in contact with prospective buyers, according to two sources familiar with the sale process. Rexall operates roughly 400 pharmacies and employs around 8,000 people. In an email to The Globe, McKesson said it does not comment on rumours or speculation.
The Globe and Mail is not identifying the sources because they are not authorized to speak publicly about the matter.
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