Shanghai Pharmaceuticals Holding Co. (2607.HK) said it has agreed to set up a joint venture with a unit of private equity fund Primavera Capital Fund II L. P. for privatization of an Australia-listed healthcare company that is valued at 313 million Australian dollars ($237.5 million).
The Chinese pharmaceutical company said Thursday that it plans to set up a 60%-owned joint venture with Asia-based Primavera Capital Fund II L. P., which is founded by former Goldman Sachs executive Fred Hu, for a take-private deal of Vitaco Holdings Ltd. Primavera's unit PV Zeus Ltd. will own the remaining 40% in the joint venture company, it said.
Shanghai Pharmaceuticals said the offer price for Vitaco, which sells and makes a series of nutrition and healthcare products, is A$2.25 per share, representing 27.8% of Vitaco's last closing price on Wednesday. Vitaco, which was listed on the Australian Securities Exchange in September 2015, reported a net profit of A$9.6 million for the year ended March, 2015.
The deal would allow Shanghai Pharma to enter into healthcare products sector and benefit from its future growth, it said.
Add to My Watchlist
What is My Watchlist?
