the sonic boom continues Sydney - Tuesday - August 23: (RWE Australian Business News) -
Sonic Healthcare Ltd (SHL) has signed an agreement to acquire an interest in the largest privately owned routine pathology laboratory in the US, Clinical Pathology Laboratories, which has revenue of US$190
million ($250 million) a year.
Sonic will acquire between 80% and 85% equity in the first instance, with management and pathologists retaining the balance.
At an 80% initial equity level, the purchase consideration will be US$300 million ($400 million), which includes an earnout of up to US$20 million that will be paid upon achievement of pre-defined earnings
targets.
The exact purchase price and earnout will depend on the final percentage sold by management and reflects a prospective EBITDA multiple of approximately 9.5 times.
The acquisition will be funded by a six-month US
dollar-denominated debt facility provided by ANZ Bank and JPMorgan.
Sonic will consider a number of alternatives to refinance this facility over the coming months.
The acquisition will be immediately EPS accretive.
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