The implementation of the scheme of arrangement took effect from Thursday, with API set to delist from the ASX on April 1.
Mr Scott called the completion of the acquisition “an exciting milestone”.
“API will be the foundation business of our new health division as we develop capabilities and invest in the growing health, wellbeing and beauty sector,” he said.
Wesfarmers CEO Rob Scott has taken control of API – the foundation business in its new health divison.
Trevor Collens
“We see opportunities to strengthen the competitive position of API and its partners, by investing in expanding product ranges, improving supply chain capabilities and enhancing the online experience for customers.”
Mr Scott reassured pharmacy owners and the powerful Pharmacy Guild that Wesfarmers supported the community pharmacy model, including the ownership and location rules.
He will be taking stock across the API business, considering of where funds are needed to be invested, planning for additional product ranges and improving the online customer experience.
Wesfarmers paid $1.55 cash per share, including 5¢ per share in dividends.
The company snapped up the balance of API it did not already own following a protracted eight-month battle, when it saw off rival drug wholesaler Sigma Healthcare and supermarket giant Woolworths.
API chief executive Richard Vincent and Mr Scott had their first meeting in recent weeks. Mr Vincent and the current executive team will remain in the business to ensure a smooth transition.
API began as a co-operative of pharmacists in 1910 and now has a substantial retail footprint across the Clear Skincare beauty injection and laser clinics in Australia and New Zealand.
It also has franchised Priceline pharmacies and company-owned Priceline stores with no pharmacy attached. It is one of Australia’s three major drug wholesalers.
