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Loblaw buying Lifemark for $845 million in cash

Shoppers Drug Mart parent says the acquisition will help grow its healthcare services

Loblaw Companies Ltd. says it has signed a deal to buy Lifemark Health Group for $845 million in cash.

Lifemark, owned by Audax Private Equity, provides physiotherapy, massage therapy, occupational therapy, chiropractic, mental health and other rehabilitation services.

It has more than 300 clinics across Canada.

Loblaw, which owns Shoppers Drug Mart, says the deal helps grow its business as a health-care service provider.

The deal is subject to regulatory approvals and other customary closing conditions.

It is expected to close in the second quarter of this year.

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