Sainsbury to Sell Pharmacy Business to Lloyds Pharmacy Owner Celesio
July 29 2015 - 5:07AM
Dow Jones News
By Ian Walker
LONDON--No. 2 U.K. grocer J Sainsbury PLC (SBRY.LN) said
Wednesday it has entered into a partnership with Lloyds Pharmacy
owner Celesio AG (CLS1.XE) under which it will sell its pharmacy
business to Lloyds and get an annual rent back for each site.
Sainsbury's is selling its pharmacy business, which includes 281
sites in total, to Lloyds for 125 million pounds ($193.95 million).
It didn't disclose how much rent it will get for each location.
The deal is expected to be complete by the end of February next
year, subject to regulatory conditions being satisfied, Sainsbury's
said.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
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