China Nepstar Chain Drugstore, one of the largest retail pharmacy chains in the country, has completed its merger with Neptunus Global Ltd, a wholly-owned subsidiary of China Neptunus Drugstore Holding. With the move, Nepstar will become a privately-owned company.
The $258.7m deal, first announced in March, existing shareholders will receive $1.31 in cash for every ordinary share they own. Nepstar has also suspended the trading of its American Depositary Shares on The New York Stock Exchange.
Nepstar currently operates around 2,000 stores in 69 cities across China.