JSE-listed multinational health and care company Ascendis Health has amended the repayment terms for its R4.4-billion acquisition of Cyprus-based Remedica Holdings, reducing the deferred payment from €90-million to €86.2-million.
The company announced in May 2016 that it would acquire the entire issued share capital of Remedica from Margrit Pattichis, Charalambos Pattihis and Goldbond Trading and Investments.
Initially, a deferred payment of €90-million was payable to the sellers on August 25, 2019, however, the company announced Monday that it had decided to settle a portion of the deferred payment ahead of its due date.
The sellers have agreed that this portion may be settled at a discount to its outstanding value.
Therefore, Ascendis has entered into a deed of variation with the sellers to amend the terms of the deferred payment, reducing it to €86.2-million from €90-million and accelerating the repayment of €46.2-million of the reduced deferred payment.