Dechra® Pharmaceuticals PLC's Proposed Acquisition Of Eurovet Animal Health
12 years ago
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Strengthening the Group’s pharma presence through the proposed acquisition of Eurovet Animal Health B.V
The Group is pleased to announce that it has agreed terms to conditionally acquire Eurovet Animal Health B.V. which is currently part of AUV Holding B.V.
Eurovet is a veterinary pharmaceuticals business based in Continental Europe with its head office, manufacturing facility, research and development team and central sales and marketing office located in the Netherlands. Additionally it has sales and marketing operations in Germany, Belgium, Denmark and the United Kingdom. It operates in both the companion and farm animal pharmaceuticals markets. It has highly complementary products, geographies, manufacturing competencies and is similar in structure to Dechra Veterinary Products.
Commenting, Dechra Pharmaceutical PLC’s Chief Executive, Ian Page said:
“This is a great opportunity to build on the strong foundation we have created for our pharmaceuticals business, Dechra Veterinary Products. The combined management teams are very excited by the prospects the enlarged Group will create.”
“By bringing Eurovet to the Group we will strengthen our European presence; will increase our product portfolio; improve our manufacturing capabilities and strengthen our management team. Furthermore, the acquisition accelerates our strategic objectives.”
AUV’s Chief Executive, Tony Griffin, added:
“We are delighted to select Dechra as the preferred bidder, we believe we have the right strategic partner with the shared vision to take Eurovet to its next stage of development.”
For the year ended 31 December 2011, Eurovet produced sales of €76.8 million (approximately £64.0 million) and operating profits of €10.2 million (approximately £8.5 million).
The acquisition for €135 million will be funded by debt pursuant to the terms of a new debt facility and the proceeds of a fully underwritten rights issue. The acquisition is expected to be earnings enhancing in the first full year of ownership and materially enhancing thereafter after synergies but excluding one-off costs of integration.
Further details will be available in due course.
The full version of the announcement can be found on the Regulatory News Service of The London Stock Exchange - please go to www.londonstockexchange.com.3376 views
Posted
27th April, 2012 18h46
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