Haier Smart Home Co., Ltd. entered into share purchase agreement to acquire 20% equity stake in Shanghai RAAS Blood Products Co., Ltd. from Grifols, S.A. for CNY 12.5 billion.
December 28, 2023
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Haier Smart Home Co., Ltd. (SHSE:600690) entered into share purchase agreement to acquire 20% equity stake in Shanghai RAAS Blood Products Co., Ltd. (SZSE:002252) from Grifols, S.A. (BME:GRF) for CNY 12.5 billion on December 29, 2023. Under the share purchase agreement, Grifols will sell approximately a 20% equity stake in SRAAS to Haier for CNY 12.5 billion (approximately $1.8 billion) cash consideration at a price of CNY 9.405 per share, which represents a premium of 14.96% to SRAAS? volume weighted average price over 20 prior trading days, which is CNY 8.181. Post completion of the acquisition, Grifols will still retain a significant ~6.58% stake in SRAAS as well as a seat on its Board of Directors. SRAAS? 45% economic and 40% voting rights in Grifols Diagnostic Solutions (GDS), agreed to in 2020, stay the same. As part of the share purchase agreement, Grifols and SRAAS will lengthen their exclusive albumin distribution agreement through at least the next 10 years, and possibly 20, with guaranteed minimum supply volumes over the next five (2024-2028). Both parties, Grifols and Haier, commit not to transfer any portion of their shares within three years following the completion of the transaction.
The transaction is subject to customary closing conditions, including regulatory approvals. The proceeds from this transaction will be used to reduce Grifols? debt. Grifols retained Osborne Clarke, S.L.P. and JunHe LLP. as legal advisors. Nomura Securities International, Inc. serves as the lead financial advisor to Grifols.
Grifols, S.A. specializes in the research, development, manufacturing and marketing of therapeutic products and medical devices for use in hospitals and medical analysis laboratories. Net sales break down by family of products and services as follows:
- products derived from plasma (84.3%): products for use by the pharmaceutical and biotechnology industries;
- diagnostic machines and reagents (10.2%): in vitro hemophilic diagnostic equipment, coagulation analyzers, infectious serology reagents, etc. for use primarily by blood banks and transfusion centers;
- hospital products (2.4%): non-biological surgical products, radiology and nutritional products, etc. for use by hospital pharmacies;
- other (3.1%): primarily intermediate biological products and subcontracted manufacturing services.
Net sales are distributed geographically as follows: Spain (5.5%), European Union (13.6%), the United States and Canada (59.1%) and other (21.8%).
Haier Smart Home Co., Ltd. entered into share purchase agreement to acquire 20% equity stake in Shanghai RAAS Blood Products Co., Ltd. from Grifols, S.A. for CNY 12.5 billion.