Loblaw bulks up Shoppers with $845M Lifemark Health takeover

Loblaw announced on Monday that its Shoppers Drug Market unit is buying Lifemark Health Group.

Loblaw Companies Ltd. announced on Monday that its Shoppers Drug Market unit is buying Lifemark Health Group in an $845-million all-cash deal.

Lifemark provides physiotherapy and massage therapy, among other services, at more than 300 clinics across Canada.

“By joining Shoppers, Lifemark will continue to grow as a national health and wellness network,” said Lifemark Chief Executive Peter Stymiest in a release.

The purchase requires regulatory approvals, and is expected to close in the second quarter of this year, Loblaw said in its release.