Alliance Boots in Turkish deal boost
Alliance Boots has bought a further 10 per cent of Hedef Alliance, one of the largest pharmaceutical wholesalers in Turkey. The deal takes Nottingham-based Boots’ stake in the company to 70 per cent.
Alliance Boots revealed last summer that it had become the majority shareholder in Hedef Alliance, after taking an initial extra 10 per cent. The pharmaceutical giant said at that time it would acquire further shares over a two-year period.
Alliance Boots said that Turkey, with a growing population of over 72 million, is one of the 15 largest pharmaceutical markets in the world. State health insurance has been extended so that it now covers most of the population. Hedef Alliance is one of two large pharmaceutical wholesalers in Turkey, each of whom has around a third of the market.
In addition to Turkey, Hedef Alliance has a controlling 50 per cent stake of United Company of Pharmacists, the leading pharmaceutical wholesaler in Egypt, and an associate interest in Hydrapharm SPA, the largest wholesaler in Algeria. Hedef Alliance has consolidated revenue of about £2.4bn (of which £1.9bn is in Turkey and £500m in Egypt).
