Loblaw finalizes takeover of B.C. medical records company

Trading of shares in QHR Corp.,  a Kelowna, B.C.-based medical records company that's becoming a subsidiary of Loblaw's Shoppers Drug Mart business, end Thursday.

The grocery and pharmacy giant acquired the small technology company for $170 million cash, or $3.10 per share.

That was 22 per cent above QHR's stock price prior to the announcement on Aug. 22. QHR shares closed Wednesday at $3.09 on the TSX Venture Exchange.

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Loblaw said QHR will be delisted after Thursday's trading day.

Loblaw said QHR is a “natural complement” to its Shoppers Drug Mart business—which operates Canada’s largest retail network of pharmacies.

QHR currently supports 7,700 healthcare providers with a suite of secure medical records technology.