Brasil Pharma sells money-losing unit for $12 mln -source

November 11, 2015 9:14 PM

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SAO PAULOBrazilian drugstore chain Brasil Pharma SA sold on Wednesday its money-losing subsidiary Mais Econômica to a group of local investors for about 45 million reais (US$12 million) as it tries to return to profitability and cut debt, a source with direct knowledge of the transaction said.

Rio de Janeiro-based Verti Capital completed the purchase of Mais Econômica on Wednesday afternoon in São Paulo and the acquisition will be paid over one to three years, said the source, who requested anonymity because the transaction remains private.

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