On 30 Jan. 2026, NorgesGruppen completed its acquisition of Norway-based pharmacy retailer Norsk Medisinaldepot AS (NMD). NMD operates the nationwide Vitus Apotek and Ditt Apotek pharmacy chains and will remain a wholly owned subsidiary of NorgesGruppen. The transaction followed approval by the Norwegian Competition Authority on 16 Dec. 2025.
We view the transaction as positive for NorgesGruppen's business risk profile, given the low cyclicality of the pharmacy industry and increased product diversification, but believe the full extent of this impact remains to be seen. In contrast, the transaction has increased NorgesGruppen's leverage, largely reflected by the NOK 5.5bn issuance of senior unsecured debt on 21 Jan. 2026.
Our negative outlook reflects the possibility that the negative effect on NorgesGruppen's financial risk profile may overshadow the potential positive effect on the business risk profile.
Related publications:
- NorgesGruppen ASA outlook revised to negative, 'A-' long-term issuer rating affirmed, 7 Aug. 2025.
- Norgesgruppen ASA long-term issuer rating raised to 'A-'; Outlook stable, 4 Jun. 2025.
This commentary does not constitute a rating action.
Contacts:
Christian Yssen, analyst, +4740019900, christian.yssen@nordiccreditrating.com
Ylva Forsberg, analyst, +46768806742, ylva.forsberg@nordiccreditrating.com