BGEO completes pharmaceutical retail acquisition

Bank of Georgia holding company BGEO Group confirmed its healthcare arm has completed the acquisition one of the top three pharmaceutical retailers and wholesalers in Georgia.

Georgia Healthcare Group, which last year contributed almost a third of group revenue, received regulatory approval and agreed to acquire 100% of the equity stake in JSC GPC.

The acquisition supports BGEO's plans for the expansion of Georgia Healthcare into the leading integrated player in the Georgian healthcare ecosystem, which is said to be worth of 3.4bn Gerogian lari (£1.1bn).

"It positions GHG as the major purchaser of pharmaceutical products in Georgia, and provides a platform which offers significant synergy potential."

Shares in BGEO were up 2.3% to 2,306p by 1245 BST on Thursday, with current levels representing 18-month highs.