Africa Capitalworks SSA 3 entered into a share purchase agreement to acquire a 51.18% stake in Cipla Quality Chemical Industries Limited (UGSE:CQCIL) from Cipla (EU) Limited and Meditab Holdings Ltd. for $30 million on March 14, 2023. The consideration is in the range of $25-$30 million which shall be subject to annualised audited EBITDA of CQCIL for FY23 and other adjustments. The transaction is subject to obtaining regulatory approvals and completion of conditions precedent as mutually agreed between the parties. The sale is expected to be completed by end of May, 2023. As of May 31, 2023, The transaction is expected to be completed on or before July 31, 2023. As of August 22, 2023, the transaction has not been concluded at the date. Both sellers are wholly owned by CiplaQCIL Limited, the transaction will lead to a change in the ultimate shareholder.
Africa Capitalworks SSA 3 completed the acquisition of 51.18% stake in Cipla Quality Chemical Industries Limited (UGSE:CQCIL) from Cipla (EU) Limited and Meditab Holdings Ltd. for $25 million on November 14, 2023.