British pharmaceutical giant Alliance Boots has announced that it has agreed a deal which will see it increase its holding in Turkish wholesaler Hedef Alliance, one of the country's market leaders.

The agreement means that Alliance Boots is now the majority shareholder in Hedef with a 60 per cent stake in the company and will further boost its stake in the business over the next two years.

"We are delighted with this acquisition, in line with our strategy of investing internationally in strong companies in large and growing markets," said executive chairman Stefano Pessina. "We look forward to further developing Hedef Alliance."

Alliance Boots has also confirmed that current Hedef chief Ethem Sancak will continue in his role. The firm employs more than 8,500 people and runs over 130 distribution facilities.

In May, Boots revealed that it had become just the third British retailer to earn yearly profits in excess of £1 billion. 

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