UDG proposes €407.5m sale of Irish distribution businesses, CEO FitzGerald to retire
Irish healthcare company UDG is proposing to sell its Irish pharmaceutical distribution businesses and its UK-based travel healthcare business to for €407.5m.
The company buying the businesses is McKesson, a pharmaceutical wholesaler and retail pharmacy group that is one of the largest companies on the Fortune 500.
UDG said the deal "will transform UDG Healthcare into a more focused international healthcare services business."
"This is consistent with UDG Healthcare’s strategy over the last few years to focus on its higher-growth, higher-margin businesses," it added.
The deal is conditional on shareholder and regulatory approval.
UDG also said its CEO Liam FitzGerald plans to retire on March 31 2016, remaining with as a consultant and Director until September 30 2016.
The company's COO Brendan McAtamney will be his successor.