Competition Bureau approves Metro's transfer of 10 pharmacy interests in Quebec
A Jean Coutu pharmacy is seen on Wednesday, Sept. 27, 2017. (THE CANADIAN PRESS/Ryan Remiorz)
The Canadian Press
Published Monday, February 18, 2019 2:41PM EST
OTTAWA -- The Competition Bureau says it's approved the transfer of Metro Inc.'s interests in 10 retail pharmacies in Quebec to two other companies.
The bureau and Metro reached an agreement in 2018 to address competition concerns around the grocer's $4.5-billion acquisition of The Jean Coutu Group Inc.
A bureau review found the deal would likely lead to substantially higher prices or decreases in services for consumers related to buying medications and other pharmacy products in eight regions in the province.
Metro agreed to sell properties or leases to another party, among other things, in those eight markets.
Metro transferred property lease rights for five pharmacies formerly operating under the Brunet banner to Familiprix Inc. in November 2018.
More recently, McKesson Canada Corp. acquired the property lease rights for five pharmacies previously operating under the Brunet and Jean Coutu banners.
All 10 pharmacies are located in the eight markets initially identified by the bureau.
Companies in this story: (TSX:MRU)