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    GRF   ES0171996087

GRIFOLS, S.A.

(GRF)
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Grifols S A : and GIC obtain authorization for their strategic agreement for USD 1 billion

11/17/2021 | 02:47am EST

November 17, 2021

Grifols and GIC obtain authorization for their strategic agreement for USD 1 billion
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  • The Singaporean sovereign wealth fund (GIC) becomes a strategic investor by investing USD 1 billion to acquire a minority stake in Biomat USA, a Grifols subsidiary with 300 U.S.-based plasma centers that will remain under Grifols' management
  • This investment supports Grifols' strategy to expand and reinforce its U.S. plasma-center network
  • All funds raised will be allocated to repay debt as part of Grifols' commitment to reduce its leverage levels
  • Grifols has obtained all necessary regulatory approvals to close the transaction

Barcelona, November 17, 2021.- Grifols (MCE:GRF, MCE:GRF.P, NASDAQ:GRFS), a global healthcare leader dedicated for more than 110 years to enhancing the health and well-being of patients worldwide, and GIC, Singapore's sovereign wealth fund, have obtained all necessary regulatory approvals, including authorization from the Committee on Foreign Investment in the United States (CFIUS), to close their strategic agreement announced in June.

Consequently, GIC will invest approximately USD 1 billion in Biomat USA, a wholly owned Grifols subsidiary, and become a strategic investor in the company by securing a minority stake in Biomat USA via the acquisition of newly issued non-voting preferred shares.

Grifols will continue to control all management and operational aspects of Biomat's U.S. plasma-center network, which includes 300 centers throughout the United States. Therefore, this agreement includes a long-term contract by which Grifols will continue to receive all obtained plasma for the production of plasma-derived medicines.

As Grifols CFO Alfredo Arroyo shares, "We are very pleased to have obtained all necessary regulatory requirements to close this strategic transaction, which underlines the confidence of a fund as solvent as GIC in our business model. We continue to make progress and all proceeds will be used to repay debt to meet our current commitments."

The company continues its efforts to quickly and progressively lower its debt ratio to below 3.5x by 2024.

About GIC's minority stake in Biomat USA

Under the final Grifols-GIC agreement, the Singaporean sovereign wealth fund will invest USD 990 million in Biomat, which operates 300 plasma centers across the United States.

In exchange, GIC will receive ten Class B ordinary Biomat shares and nine Class B ordinary shares of a newly created sub-holding company. These ordinary shares will directly and indirectly represent 23.8% of Biomat's share capital.

Grifols retained Osborne Clarke, S.L.P and Proskauer Rose, L.L.P as legal advisors for the transaction, and Nomura Securities International, Inc. as sole financial advisor. GIC retained Dechert LLP as legal advisor.

Disclaimer

Grifols SA published this content on 17 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2021 07:46:05 UTC.


ę Publicnow 2021
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Financials
Sales 2021 5 272 M 5 982 M 5 982 M
Net income 2021 529 M 600 M 600 M
Net Debt 2021 6 138 M 6 966 M 6 966 M
P/E ratio 2021 22,0x
Yield 2021 1,58%
Capitalization 9 978 M 11 324 M 11 323 M
EV / Sales 2021 3,06x
EV / Sales 2022 2,82x
Nbr of Employees 23 431
Free-Float 79,7%
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Number of Analysts 17
Last Close Price 16,82 €
Average target price 25,52 €
Spread / Average Target 51,7%
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Managers and Directors
Raimon Grifols Roura Joint Chief Executive Officer & Executive Director
Victor Grifols Deu Joint Chief Executive Officer & Executive Director
Alfredo Arroyo Guerra Chief Financial Officer & Vice President
VÝctor Grifols Roura Non-Executive Chairman
Xavier Sueiras Gil Chief Information Technology Officer
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