Alliance Boots purchases majority stake in Hedef Alliance

Alliance Boots has augmented its position in the international market by increasing its stake in the Turkish pharmaceutical wholesaler Hedef Alliance.

As part of a move which will see it increase its ownership of Hedef Alliance over the next two years, the pharmacy supplier has increased its shareholding in the firm from 50 per cent to 60 per cent.

It has retained an investment in the Turkish business since 2001, when it purchased an initial 25 per cent stake.

By taking this decision, Alliance Boots increases its control over a company which has consolidated annual revenue of around 2.4 billion pounds and operates more than 130 distribution centres.

Stefano Pessina, executive chairman of Alliance Boots, said: “We are delighted with this acquisition, in line with our strategy of investing internationally in strong companies in large and growing markets.”

This comes after the group allied with Swedish firm Farmacevtforetagarna earlier this month in order to launch independent Boots pharmacies in the Scandinavian nation.