U.S. pharmaceuticals and healthcare products major Abbott Laboratories has agreed to acquire Chile-based pharmaceutical firm CFR Pharmaceuticals SA in a deal worth $2.9 billion.

With the transaction, Abbott will position itself among the top 10 pharma companies in Latin America while further expanding its geographic presence in the region.

Under the terms of the deal Abbott will gain control over the holding company that indirectly owns 73% of CFR and will file a public cash tender offer for the remaining shares in the Chilean company. In addition to the purchase price the buyer will also assume CFR's net debt of some $430 million, according to the statement.

The acquisition will allow the buyer to more than double its share in the branded generics pharmaceutical market of Latin America and strengthen its position in fast-growing markets. CFR's portfolio of products is a perfect match to its current strategy that focuses on pharmaceutical therapeutic areas in women's health, the central nervous system, cardiovascular and respiratory diseases.

Illinois-based Abbott expects the deal to have a positive impact on its earnings per share in 2015 and estimates that it will add around $900 million to its sales next year. Over the next couple of years the acquisition is expected to contribute to double-digit growth in sales.

Santiago-headquartered CFR is active in 15 markets across Latin America, offering more than 1,000 products. The company has a 7,000-strong headcount and owns R&D manufacturing facilities in Chile, Colombia, Peru and Argentina.