Fred’s Reaches Definitive Agreement to Sell Specialty Pharmacy Unit
FRED'S (FRED)
Last fred's earnings: 12/6 07:00 am
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US:NASDAQ Investor Relations:
investors.fredsinc.com/investor-overview
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Source: GlobeNewswire
MEMPHIS, Tenn., May 07, 2018 (GLOBE NEWSWIRE) -- Fred's, Inc. (NASDAQ:FRED) announced that it has reached a definitive agreement to sell certain assets of EntrustRx, its specialty pharmacy unit, to a subsidiary of CVS Health Corporation (CVS). The aggregate consideration to be paid is $40.0 million, plus an amount equal to the value of inventory of EntrustRx. Commenting on the sale, Fred’s Interim CEO Joe Anto said: “One of Fred’s top priorities for 2018 has been to monetize non-core assets and we are pleased to have reached an agreement for the sale of EntrustRx. The cash proceeds will allow us to pay down a significant portion of our debt and also be used for general corporate purposes.” The transaction is expected to close by the end of May 2018, subject to certain customary closing conditions. Fred’s was advised on this transaction by Covington Associates and by Bass Berry & Sims. About Fred’s Inc. Tracing its history back to an original store in Coldwater, Mississippi, o
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