Kroger announces acquisition of outstanding ModernHealth shares

Kroger recently announced that it has acquired the outstanding shares of ModernHealth and will merge with Axium. | shutterstock

The Kroger Co. recently announced an agreement had been reached with Axium Pharmacy Holdings Inc. that will allow Kroger to acquire the outstanding shares of Modern HC Holdings Inc. (ModernHealth). 

The deal for ModernHealth, a leading specialty pharmacy based in Orlando, Florida, will bring about a merger that will create a combined specialty pharmacy that will be a subsidiary of The Kroger Co.

"This strategic investment will accelerate the growth of Kroger's health and wellness business," Kroger's SVP of merchandising Robert Clark said. "Expanding our specialty pharmacy services will provide our customers with greater access to medications we don't currently dispense and access to additional services without going to another pharmacy."

ModernHealth is one of the largest independent providers of specialty pharmacy services in the United States and employs nearly 500 individuals. Kroger is a leader in providing health and wellness services, operating 2,230 pharmacy locations around the country.

The transaction between the two companies remains subject to regulatory approvals, which include those from the FTC. The financial terms of the deal have yet to be released.

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