Sun Pharmaceutical Industries Limited (NSEI:SUNPHARMA) entered into an agreement to acquire Valstar Investment S.a. for an enterprise value of $31 million on May 4, 2024. This is all cash transaction. The enterprise value of up to $31 million of which $29 million shall be paid as upfront consideration and remaining up to $2 million shall be paid as deferred consideration.

Upfront consideration is subject to customary adjustments at closing. In FY 2023, Valstar Investment had turnover of $15.70 million. The acquisition is subject to notification to the Competition Council in Morocco for merger clearance.

The transaction is expected to be completed by June 2024, subject to notification to the Competition Council in Morocco for merger clearance and fulfillment of certain other conditions. Omar S. Bassiouny and Ossama Abouzaid of Matouk Bassiouny & Hennawyacted as legal advisor and Ascent Capital Partners acted as financial advisor to Valstar Investment.