(Adds details)
Dec 11 (Reuters) - Australia's Sigma Healthcare (SIG) on Monday said it would merge with Chemist Warehouse Group to create a company with a market capitalisation of more than A$8.8 billion ($5.79 billion).
Chemist Warehouse will own 85.8% of the merged company post completion, Sigma said.
The proposed merger will create cost synergies initially estimated at about A$60 million per annum, expected to be realized four years post completion.
Sigma is also undertaking an entitlement offer to raise about A$400 million to provide the working capital required to implement a supply contract with Chemist Warehouse starting July 1, 2024, among others.
($1 = 1.5209 Australian dollars)
News: SIG UPDATE 1-Sigma Healthcare to merge with Chemist Warehouse to create $5.8 bln health giant
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