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Carlyle, Piramal Pharma sign agreement on 20% strategic growth investment
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SME Times News Bureau | 29 Jun, 2020
Diversified company Piramal Enterprises on Saturday said that it will integrate its pharma businesses into Piramal Pharma.
Piramal
Pharma will include Piramal Pharma Solutions, Piramal Critical Care,
Consumer Products Division, PEL's investment in the joint venture with
Allergan India and Convergence Chemicals.
Further, the integrated
entity will receive an estimated fresh equity capital worth around $490
million for a 20 per cent stake from global investment firm Carlyle
Group's affiliated entity.
The transaction values the 'Pharma
Business' at an enterprise value (EV) of $2,775 million with an upside
component of up to $360 million depending on the company's FY21
performance, the diversified company said.
"Based on the EV
(excluding the upside component), exchange rate and pharma net debt as
on 31st March 2020, the estimated equity capital investment for
Carlyle's 20 per cent stake in Piramal Pharma would amount to $490
million," the company said in a statement.
"The final amount of
equity investment will depend on the net debt, exchange rate and
performance against the pre-agreed conditions at the time of closing of
the deal."
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