GHG.L Share News (GHG)

LONDON (Alliance News) - Georgia Healthcare Group PLC on Wednesday said it has signed a binding memorandum of understanding to acquire JSC GPC, a Georgia-based pharmaceutical retailer and wholesaler.

Georgia Healthcare, the separately listed healthcare subsidiary of FTSE 250-listed BGEO Group PLC, said it will pay USD14.0 million to acquire GPC, with the majority paid on completion and the rest to be paid based on certain targets being met.

GPC has a 15% share of the Georgian pharmacy market, with 96 outlets across the country.

Georgia Healthcare said the deal will boost its position in the Georgian healthcare ecosystem, with a robust platform to benefit from growth in the Georgian pharmaceuticals market.

In a separate announcement, Georgia Healthcare said it has appointed George Arveladze deputy chief executive, with responsibility for its ambulatory and pharmaceutical businesses.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2016 Alliance News Limited. All Rights Reserved.