Farmacias del Ahorro agrees to buy more than 96% of Farmacias Benavides

Farmacias del Ahorro agreed to buy more than 96% of Farmacias Benavides, two pharmacy chains in Mexico.

If the deal goes through, their combined network would have about 3,000 locations.

Benavides has 1,132 pharmacies across 203 cities in 24 states, as well as 500 medical offices nationwide.

The deal needs approval from Mexico's competition authority and must meet other conditions before it can be completed.

Until then, Benavides will continue operating as usual under its current management.

The companies have not disclosed the price or explained how they would combine their businesses.

The acquisition comes as Benavides is preparing to leave Mexico's stock market, a process that began after the company sought to delist in 2014; it says the deal does not change that process.