According to the report, convenience store operator 7-Eleven has finalised the deal and an announcement relating to the transaction is expected to be made today.

Another source, claimed the report, said BIG Pharmacy had emerged victorious despite making only the third-highest bid to acquire Caring.

The other two bidders were US-based private equity fund Carlyle Group and Luxembourg-based investment advisory firm CVC Capital Partners.

In October last year, The Edge reported that Carlyle Group was in advanced negotiations to acquire Caring for RM 1.3 billion, but 7-Eleven was seeking between RM1.5 billion and RM1.8 billion.

7-Eleven’s share price was up 7 sen or 3.29% at RM2.20 as of lunch break today. Its market capitalisation stood at RM2.58 billion.

The counter had hit RM2.29 in the morning trade, marking it as Bursa Malaysia’s top gainers today.

7-Eleven owns a 75%-stake in Caring, with the remainder held by Motivasi Optima Sdn Bhd.

Its largest shareholder is Berjaya Corp Bhd founder Vincent Tan, who controls 28.34% of the company.

BIG Pharmacy was founded by Lee Meng Chuan and his wife Lim Sin Yin, both qualified pharmacists. The company, which currently operates 282 outlets, is actively expanding its businesses ahead of its planned initial public offering.

It is a wholly owned subsidiary of Big Pharmacy Holdings Sdn Bhd (BPHSB), of which Lee and Lim collectively hold a 15% stake directly, and 40.22% indirectly via Uptown Paradise Sdn Bhd.

Local private equity firm Creador also has a 35.03% stake in BPHSB through Iris Pallida Sdn Bhd.