LIMA--(BUSINESS WIRE)--InRetail Peru Corp (“InRetail”) (Lima Stock Exchange: INRETC1-PE), a leading multi-format retailer with interests in supermarkets, pharmacies and shopping malls in Peru, announces the acquisition of Quicorp S.A. (“Quicorp”) for a total consideration of US$583 million.
The transaction represents a unique opportunity for InRetail to further strengthen its operations in the pharma industry, boost its international expansion strategy, and continue bringing healthcare access to the Peruvian population.
The CEO of InRetail, Juan Carlos Vallejo, noted that “this operation reaffirms our commitment to continue providing access to health and wellness to the Peruvian population, and allows us to expand our footprint to other attractive markets in the Andean region”.
The acquisition is being funded through a mix of (i) a bridge loan financing, and (ii) third-party equity. Aside from funding the acquisition, the bridge loan will be used to perform a liability management exercise at InRetail Consumer and Quicorp.
Founded in 1939, Quicorp is a leading pharmaceutical distributor and retailer in the Andean region. The company operates in the manufacturing, distribution, and retail pharma segments, and has presence in Peru, Ecuador, Bolivia and Colombia. Headquartered in Lima, Quicorp has over 11,000 employees and over S/ 4,000 million in annual sales. The company operates over 1,000 pharmacies in Peru and Bolivia, and has 12 distribution centers in three different countries with over 90,000m2 of storage space.
Special Event – Conference call
Management will host a conference call for investors and analysts to discuss further details on this transaction.
Date: Monday, January 29, 2018
Time: 8:00 a.m. Eastern Time / 8:00 a.m. Lima Time
Details for the Conference Call will be shared in a subsequent communication. Webcast presentation will be available at www.inretail.pe
InRetail is a leading Peruvian multi-format retailer, with leadership positions in three business segments: Supermarkets, Pharmacies and Shopping Malls. The company has a nationwide presence in Peru and was the first company to open stores and shopping malls outside of Lima. As of September 2017, last twelve month sales and EBITDA reached S/ 7,658 million and S/ 807 million, respectively. The company has 231 supermarkets and hard-discount stores, 1,155 pharmacies, and 19 shopping malls with 627 thousand sqm of GLA.
InRetail is controlled by Intercorp Peru (www.intercorp.com.pe), one of Peru’s largest Business Groups, with activities in financial services, retail, real estate and education.