Pharmacy operator Dr. Max acquires Italian group Neo Apotek

European pharmacy operator Dr. Max Group said on Friday it had bought Italian pharmacy network Neo Apotek SpA, aiming to strengthen its presence in the country.

The acquisition gives Neo Apotek Spa an enterprise value of around 400 million euros ($435 million), a source close to the matter told Reuters.

Dr. Max, which is controlled by Penta Investments and has over 3,000 high street outlets and online stores in Europe, said it would control around 210 pharmacies in Italy after adding 130 through the Neo Apotek acquisition.

Dr. Max was assisted by EY, Shearman & Sterling and AK Evan as advisers. Neo Apotek was assisted by Rothschild & Co., Studio Legale Gattai and Banca Profilo.

($1 = 0.9197 euros)