MANILA - The Philippine Competition Commission on Monday said it approved Ayala Healthcare Holdings Inc's acquisition of shares in Negros Grace Pharmacy Inc as the deal.
There will be a sufficient number of competing players in the drugstore chain space even with the acquisition, the PCC said in a statement.
"PCC’s merger review found that the transaction is not likely to lead to substantial lessening of competition in the relevant market since the merged firms do not have an incentive or the ability to increase its prices or reduce its product assortment," the decision said.
Ayala Corp's healthcare arm will acquire 75 percent of the outstanding capital stock of Negros Grace from Jasminum Corp, which woill keep the remaining 25 percent, the PCC said.
AC Health's portfolio includes Generika Drugstore, FamilyDoc, MedGrocer and doctor-patient booking app Aide.