EU Commission clears Alliance Boots buys of controlling stake in German drug wholesaler Anzag

The European Commission on Friday approved the acquisition of control over Andreae-NorisZahn AG (Anzag; ANZG: DE), one of Germany’s largest drug wholesalers, by the international group Alliance Boots. The Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.

Alliance Boots, owned by private equity firm KKR, held a stake of just under 30% in Anzag prior to the deal. In a deal announced earlier this year that values the whole company at 280 million euros ($370 million), will acquire a further 51.65% stake (held by three German wholesalers Celesio, Phoenix and Sanacorp) in Anzag. It also launched a tender offer for the remaining 18.4% stake at approximately 26 euros a share.

Anzag is a full-line pharmaceutical wholesalers, ie, a wholesaler that provides the complete range of pharmaceutical products to pharmacies, the Commission explained, noting that, in Germany, Alliance Boots is a highly specialized (short-line) wholesaler of oncology products via its subsidiary Megapharm, but is not yet active in full-line wholesaling.