Two investment funds acquire Stada and Hemofarm, News
German pharmaceutical group Stada, under which Hemofarm operates, has accepted the offer from two investment funds – Bain Capital from the US and Cinven from the UK – for the takrover of shares worth 5.31 billion EUR – Stada’s CEO, Matthias Wiedenfels has said.
The private equity consortium is offering 65.28 EUR per share and a dividend of 0.72 EUR per Stada share, the company said in a statement on Monday.
Stada, which had received offers from two consortia, said it has signed an investor agreement which would include protection provisions for employees. Bain and Cinven have agreed to refrain from forced redundancies for four years in a move that exceeds staffing pledges incorporated in current business plans, Stada said.
“With this combination, we will create a foundation for tapping the great potential of Stada together with Bain Capital and Cinven and continuing to grow profitably,” Stada Chief Executive Matthias Wiedenfels said.
“As a multi-national company, we have managed to reach an agreement with two private equity investors. The negotiations were tough and lasted for a considerable amount of time. We did not only negotiate with these two funds, but with four other companies too”, Wiedenfels said at a joint video-link press conference with Hemofarm’s CEO, Roald Zeelinger at the company’s HQ in Vrsac.
Wiedenfels went on to say that he brought three messages to Hemofarm’s employees. The first message was that an agreement had been reached with the aforementioned two investment funds, the second one is that both the Managing and Supervisory Boards of Stada have approved of the move, and the third one is that the deal was not only good for Germany, but for entire Europe too.
“Although the investment funds will be 100% owners, the company’s strategy will not change”, Stada’s CEO adds. “They are giving us money from their clients to boost development of our business strategy”, he says.
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