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Celesio buys Sainsbury's pharmacies

Reuters - UK Focus

FRANKFURT, July 29 (Reuters) - German drugs distributor Celesio (Other OTC: CAKFF - news) has agreed to buy Sainsbury (Amsterdam: SJ6.AS - news) 's pharmacy business for 125 million pounds ($195 million) via its British chain LloydsPharmacy.

As part of the deal, LloydsPharmacy will buy 281 pharmacies, most of which are in Sainsbury's stores, Celesio said in a statement on Wednesday.

The pharmacies will be rebranded as LloydsPharmacy, and as many as 2,500 of their workers will be transferred to the new owner.

Sainsbury's will receive commercial annual rent payments from LloydsPharmacy for each location, said Celesio, which is three-quarters owned by McKesson.

($1 = 0.6413 pounds) (Reporting by Maria Sheahan; Editing by Kirsti Knolle)