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Fontana Limited acquired the Monarch chain of pharmacies for four and a half times its asset value, new disclosures about the deal show.
The purchase price was $854 million, noted the auditor of Fontana’s year-end accounts.
The financial report listed Monarch’s identifiable assets at $182.4 million, and goodwill or intangible of $672 million.
“The company is in the process of performing a detailed valuation of the identifiable intangible assets acquired. This may result in reclassification between goodwill and other intangible assets upon completion,” noted auditor CrichtonMullings & Associates.
Fontana, the largest pharmacy chain in Jamaica, now has eleven stores in its network, four of which were previously Monarch pharmacies, which have been rebranded.