Ascendis on track for R7.3bn buyout of European firms
JSE-listed Ascendis Health’s acquisition of two major European health and care businesses, Remedica Holdings and Scitec International, for a combined R7.3-billion, remained on track, with all conditions precedent for a multibillion-rand rights offer to partly fund the acquisitions met.
The transactions would be funded through a combination of the fully underwritten rights offer, new debt facilities of about €180-million and vendor placements of about R1.2-billion, besides others.
Ascendis would buy Cyprus-based pharmaceutical manufacturer Remedica for R4.4-billion, including a deferred payment of R1.5-billion after three years, and European sports nutrition company Scitec International for R2.9-billion, including a deferred payment of R340-million after one year.
“We are pleased to announce that all conditions precedent to the R1.2-billion rights offer have been fulfilled, with the JSE approving the circular to shareholders and the application for the listing of the letters of allocation and the rights offer shares required to implement the rights offer,” Ascendis CEO Dr Karsten Wellner said on Tuesday.
The rights offer and the vendor consideration placement were “well supported, he said, pointing to the excess irrevocable undertakings secured from certain existing shareholders and new strategic investors reaching some R2.3-billion.
Ascendis had also entered into an underwriting agreement with Absa Bank and HSBC Bank to underwrite any rights offer shares not subscribed for, while Coast2Coast Capital, which directly or indirectly owned about 41% of the issued share capital of Ascendis, committed to follow or allocate its rights under the rights offer, with the combined value of up to R520-million.
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