TRINIDAD-BASED Agostini Limited is set to close its acquisition of Massy Distribution (Jamaica) Limited within days after securing a non-objection from the Fair Trading Commission (FTC), clearing a regulatory hurdle that had stalled the deal over insulin market concentration concerns.

The transaction, first announced in February 2025, was effectively placed on hold amid concerns that Agostini could control all three insulin brands distributed in Jamaica. Regulatory approval hinged on the divestment of one of those brands to prevent a potential monopoly in the life-saving drug category.

Agostini confirmed on Friday that it had received the FTC’s statement of non-objection, paving the way for completion.

“Jamaica continues to be a key market for us and the closure of this transaction will be strategic to our long-term growth ambition. Our ability to work with the FTC to reach an agreement underscores our commitment to good governance, and compliance with regulatory requirements wherever we operate,” Chief Executive Officer Barry Davis said in a release.

Under the deal structure, Acado Limited — a 50/50 joint venture between Agostini and Barbados-based Goddard Enterprises Limited — will acquire Massy Distribution (Jamaica) and its subsidiary Windsor Laboratories Limited. Agostini accounts for Acado as a subsidiary.

Massy Distribution’s pharmaceutical portfolio will be integrated into Agostini’s Jamaican subsidiary Aventa Jamaica, formerly Health Brands Limited, while the consumer division will be managed by Acado.

The acquisition materially expands Agostini’s footprint in Jamaica’s pharmaceutical and consumer distribution markets, deepening a presence it established in August 2023 with the purchase of Aventa Jamaica. With the Massy portfolio folded into Aventa, Agostini strengthens its position in a sector that has been steadily consolidating across the region.

For Massy Holdings Limited, the sale marks a further narrowing of its Jamaican exposure. Once completed, the group’s remaining operations locally will centre on its gas businesses — Massy Gas Products (Jamaica) Limited and IGL Limited — which dominate the bulk and packaged LPG market and much of the industrial gases segment.

Massy Distribution (Jamaica) generated TT$352.44 million ($8.32 billion) in revenue for its September 2025 financial year, down five per cent year-on-year, with net profit of TT$24.29 million ($573.75 million).

Massy’s most recent quarterly report showed its Jamaican revenue declining seven per cent to TT$194.05 million ($4.54 billion) for the October to December period, while profit before tax fell 10 per cent to TT$25.51 million ($596.44 million). The group attributed the softness to the passage of Hurricane Melissa and stabilisation efforts within its gas operations.

Despite the Jamaican decline, Massy’s consolidated performance improved, with revenue rising six per cent to TT$4.39 billion and net profit from continuing operations climbing nine per cent to TT$221.14 million.

The FTC’s clearance of the Agostini transaction underscores heightened scrutiny of pharmaceutical distribution in Jamaica, particularly where essential medicines are concerned. The insulin divestment condition signals the regulator’s willingness to intervene where consolidation risks limiting competition in critical health categories.

Massy’s shares closed Monday at $72.51 on the Jamaica Stock Exchange, down five per cent for 2026 to date. On the Trinidad & Tobago Stock Exchange, the stock ended at TT$3.55, off four per cent year-to-date. The group has declared a TT$0.0354 dividend payable March 27 to shareholders on record as of February 27.

With regulatory approval now secured, Agostini’s expansion positions the Trinidad-based group as a more formidable player in Jamaica’s distribution landscape, while Massy continues to streamline its regional portfolio around energy and industrial operations.