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Centric Health signs agreement to acquire DNPI Group assets

Centric Health, Canada's diversified healthcare services company, has entered into an advance pricing agreement (APA) to acquire certain assets of Dedicated National Pharmacies, Methadrug Clinic Limited and Union Medical Pharmacy Inc (DNPI Group) from the court-appointed receiver of the DNPI Group Grant Thornton.

The closing of the transaction is contingent upon Grant Thornton obtaining an order from the Ontario Superior Court of Justice (Court) approving the transaction and vesting the purchased assets in Centric Health.

Grant Thornton has served materials in support of its motion for court approval in which it has identified Centric Health as the purchaser.

The motion for court approval of the transaction is presently scheduled to be heard by the court on 12 January 2011.

In addition to approval of the transaction and vesting of the purchased assets in Centric Health, Grant Thornton has requested that the court order that details of the transaction be kept confidential pending closing and that confidential information filed by Grant Thornton be sealed in the court file until that time.