Walgreens Boots sells Chilean drugstore chain Farmacias Ahumada

The transaction is subject to customary regulatory and government approvals and is expected to be completed by the end of 2023, terms were not disclosed.

Farmcias Ahumada, a trusted brand for patients and customers in Chile, is one of the country's leading pharmacy chains.

"Since acquiring the business in 2014, WBA has made several investments that have allowed it to improve its product and service offering in addition to building the foundations for its growth and development through innovation, digitalization, e-commerce and operational excellence," according to a press release.

This agreement will allow Ahumada to further enhance its important value, in addition to continuing to be a sustainable and prosperous business capable of bringing health and wellness solutions to more patients through its more than three thousand collaborators distributed in nearly 300 pharmacies distributed throughout Chile.

Since last year, the Chilean chain has been making news for the dismissal of its pharmaceutical chemists, university professionals who by law are in charge of each pharmacy and pharmacy assistants, which forced the closure of some branches.

Last April it was reported that the company was involved in legal disputes over unjustified dismissals. It was estimated that many of the dismissed professionals could be reinstated by the courts.

LarraínVial was advised on the purchase by Chilean law firm Carey, which stated: “The transaction involved an extensive due diligence of the assets and operations of Farmacias Ahumada and the negotiation of a share purchase agreement with the company that owns Farmacias Ahumada, as well as the structuring of the investment.

Carey’s team advising LarraínVial was led by partners Salvador Valdés, Jorge Ugarte and Guillermo Carey, with counsel José Ignacio Mercado and associates Pablo Bauer and Borja Ochagavía.

DLA Piper acted as counsel to Walgreens Boots and Farmacias Ahumada, with a team led by partners Matías Zegers and Jorge Timermann, with associate Hugo Molina.