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GRIFOLS: ACQUISITION OF BIOTEST AG (ANÁLISIS BANCO SABADELL)

The company has just announced an agreement to acquire 89.88% of ordinary shares and 1.08% of preferred stock in Biotest AG, a German hemoderivative company. The deal will mean a cash payment of € 1.1 Bn, broken down into: (i) 17.7 million ordinary shares at a price of € 43/sh. (+23% vs. yesterday’s closing price), (ii) 0.2 million preferred shares at € 37/sh. and (iii) a loan granted to Biotest for € 313 M. GRF plans to go to financial debt markets to seek some € 2 Bn. Furthermore, it pledges not to pay out dividends until it has brought debt below 4x NFD/EBITDA. The deal is expected to be finalised at the end of 1H’22. In 2020 Biotest’s sales totalled € 484 M (~9% of GRF’s) and EBITDA reached € 28.3 M (~2.1% of GRF’s).