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LONDON, July 18 (Reuters) - Britain's Co-operative Group has entered into an agreement to sell its pharmacy business to Bestway Group for 620 million pounds ($1.06 billion), it said on Friday.
The deal follows a formal sale process initiated by the Co-operative reflecting its decision that the pharmacy business was not part of its future strategy.
It said the net proceeds will be used to reduce the group's debt and invest in its core businesses across its retail and consumer services divisions.
The Co-operative said the transaction is due to complete in October.
$1 = 0.5847 British Pounds Reporting by James Davey; Editing by Neil Maidment