Johannesburg - Imperial Holdings [JSE:IPL] will buy 70% of Imres BV, a Dutch wholesaler of medical supplies, for €46m in cash to expand its pharmaceutical distribution in Africa, the transport company said on Thursday.
Imperial is looking to expand its distribution business for consumer goods and medical products in fast-growing Africa. Although based in the Netherlands, Imres mainly targets Africa's developing healthcare markets, Imperial said in a statement.
Imres has an annual revenue of around €60m. Shares of Imperial closed up1.53% at R178.04.
Following the transaction, management of Imres will hold 30% of the company, Imperial said.