Loblaw has signed an agreement to acquire Canadian healthcare technology company QHR for around $170m.
As part of the deal, Loblaw has agreed to pay $3.10 per QHR each share, representing a 22% premium to the closing price of QHR's common shares on 19 August.
QHR provides services to the customers in the electronic medical records (EMR) market. It offers software solutions to the healthcare providers and their patients.
The firm’s technologies and services enable secure medical records management for clinical environments.
QHR also offers health providers with tools for virtual care for secure video and messaging. Its clinic management tools are designed for scheduling, billing and patient management.
The deal is expected to complete in the fourth quarter of this year.
Loblaw will include QHR in its Shoppers Drug Mart division, once the deal concludes.
Loblaw pharmacy and healthcare executive vice president Jeff Leger said: "The future of healthcare is digital and this strategic investment will make us a better partner to patients and providers.”
QHR president and CEO Mike Checkley said: "Our focus, as always, remains great service and the continued delivery of innovative technology that connects healthcare providers and their patients.
"We are excited to join Shoppers Drug Mart and we see the acquisition as a great vote of confidence for our team, our technology solutions, and the thousands of physicians and business partners that rely on our products daily."