Germany's Phoenix buys European businesses from McKesson

BERLIN (Reuters) - German drug distributor Phoenix Group has agreed to buy parts of U.S.-based McKesson’s European operations, the two companies said on Wednesday, without providing financial details.

The deal includes McKesson’s businesses in France, Italy, Ireland, Portugal, Belgium, and Slovenia, as well as its German-based AG headquarters in Stuttgart, its German wound-care business Recucare GmbH, its shared services centre in Lithuania, and its 45% stake in Dutch joint venture Brocacef.

McKesson said it would continue to operate its remaining European businesses in the UK, Norway, Austria, and Denmark but that it would continue to explore strategic alternatives for them and focus future investments outside of Europe.

McKesson will also retain its minority equity stake in its Germany joint venture with Walgreens Boots Alliance.

Reporting by Maria Sheahan, editing by Emma Thomasson