Loblaw Purchasing QHR for $170 Million
CBJ — Loblaw Companies is purchasing QHR Corp., an electronic medical records company based in Kelowna, B.C., in a deal worth about $170 million.
Loblaw will pay $3.10 in cash to buy all of QHR’s outstanding shares. That put the takeover price at a premium of 22 per cent over the Friday closing price of QHR’s shares.
Loblaw called QHR a “natural complement”, adding that the company is expected to remain a distinct unit within Shoppers Drug Mart and keep its headquarters in Kelowna.
QHR supports about 7,700 healthcare providers, representing about 20 per cent of the electronic medical record technology in use across the country, the companies said in a release.
A shareholder vote on the deal — which requires two-thirds approval — is expected at a QHR special shareholder meeting in October.
