BSV Pharma Private Limited completed the acquisition of Human Pharma Division of TTK Healthcare Limited for INR 8.05 billion.
May 08, 2022
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BSV Pharma Private Limited signed a definitive agreement to acquire Human Pharma Division of TTK Healthcare Limited (BSE:507747) for INR 8.05 billion on March 21, 2022. The total value of the consideration is subject to adjustments for working capital and other customary adjustments as on the date of transfer. TTK will receive 74% of the consideration by way of cash and by way of Equity Shares for the balance 26%, each immediately on transfer of the Undertaking. Miransa Limited (an affiliate of Advent lnternational) will initially hold 74% in BSV. Turnover of Human Pharma Division for the FY ending March 31, 2021 was around INR 1600 million (25% of Total Turnover of the TTK). The Board of Directors in their meeting held on March 21, 2022, based on the recommendation of the Audit Committee, approved the proposal of sale. The transaction is subject to subject to approval of the Shareholders and fulfillment of Conditions Precedent that are customary in such transactions. The transaction is expected to close within 120 days from March 21, 2022. TTK will use the proceeds in such areas where core competency is present and for the benefit of all stakeholders. Darshika Kothari, Zia Mody and Divya Mundra of AZB & Partners acted as legal advisor to Advent International Corporation. Ernst & Young acted as financial advisor to BSV Pharma Private Limited.
BSV Pharma Private Limited completed the acquisition of Human Pharma Division of TTK Healthcare Limited (BSE:507747) on May 9, 2022. The shareholders of TTK Healthcare Limited approved the deal by means of a Special Resolution passed through Postal Ballot process.
TTK Healthcare Limited is an India-based company, which provides consumer and healthcare products. The Company's segments include Animal Welfare, Consumer Products, Medical Devices, Protective Devices, Foods and Others. The Animal Welfare segment comprises products for veterinary use. The Consumer Products segment comprises marketing and distribution of Woodward's Gripewater, EVA range of cosmetics, good home range of scrubbers, air fresheners and various others. Its brands also include Skore and HUG n WAG. The Medical Devices segment includes artificial heart valves, orthopedic implants and others. The Protective Devices segment comprises manufacturing and marketing of male contraceptives and other allied products. The Foods segment comprises manufacturing and marketing of food products. Under the brand name Fryums, extruded products such as papads are offered to its business to business and export customers. The Others segment includes printing and publishing of maps and atlases.