“We agreed in London on the conditions for a private equity fund, one of the largest in the world, to come up with EUR30 million for a 25% stake,” Borza said. The parties will sign the agreement soon, he added.
The deal values Polisano at EUR120 million and the due diligence is to be conducted soon. The money will be used to settle the intragroup debts.
The fund will buy into a new company, Polisano SA, which owns 100% in four companies: Polisano SRL (pharmaceutical wholesale), Clinica Polisano SRL (clinics and hospitals), Polisano Pharmaceuticals (production) and Sibpharmamed (Polisano pharmacies). They posted almost 1.7 billion lei (EUR383 million) revenue together in 2013.
Under the deal, the fund will get two seats in the board and will appoint the chief financial officer of the group, Borza said. (EUR1=RON4.4382)
English version by Loredana Fratila-Cristescu