GVS S.p.A. entered into a definitive agreement to acquire Fajardo, Puerto Rico based manufacturing operations from Haemonetics Corporation (NYSE:HAE) for $13 million on June 3, 2020. Under the terms of the agreement, GVS will acquire for approximately $13 million in cash, which includes the anticipated transfer of approximately $5 million in positive net working capital to GVS as of closing. Upon closing, Haemonetics will retain all intellectual property rights to its proprietary blood filters currently manufactured at its Fajardo facility, while GVS will obtain certain operating assets, including manufacturing equipment and inventory and a sublease to the facility. In connection with the proposed transaction, Haemonetics and GVS will also enter into a long-term supply and development agreement that will, among other things, grant GVS exclusive rights to manufacture and supply the blood filters currently produced at the Fajardo facility for Haemonetics. As part of this transaction, Haemonetics' employees who work in the Fajardo facility will become GVS's employees. This transaction is subject to the satisfaction of customary closing conditions and is expected to close in the second quarter of calendar 2020.

GVS S.p.A. completed Fajardo, Puerto Rico based manufacturing operations from Haemonetics Corporation (NYSE:HAE) for approximately $15.5 million on June 29, 2020. The cash consideration is subject to adjustments. The purchase price includes the transfer of approximately $7.5 million in positive net working capital to GVS as of closing. The acquisition was financed with the available liquidity of GVS S.p.A.