US pharmacy retailer Walgreens is to acquire three pharmacies in Puerto Rico from local player El Amal, which filed for bankruptcy last year.
As part of the deal, Walgreens has also agreed to buy prescription stock from a further 11 El Amal pharmacies. The sale is expected to be completed in the first quarter, and the three stores will be converted to the Walgreens banner towards the end of the year.
Walgreens Puerto Rico market vice-president Nivia Santiago said: “We strongly believe in Puerto Rico’s potential for long-term economic growth. We’ve been a part of Puerto Rico for five decades and have witnessed its capacity to overcome difficult economic periods.”
The proposed sale remains subject to the approval of the Bankruptcy Court.