Grifols reaches strategic alliance with Haier Group and raises approximately USD 1.8 billion
Summary
Grifols and Haier envision broad cooperation to contribute to Chinas growing and developing healthcare system.Through a share purchase agreement Grifols will sell approximately a 20% equity stake in Shanghai RAAS (SRAAS) to Haier for RMB 12.5 billion (approximately USD 1.8 billion) cash consideration at a price of RMB 9.405 per share, which represents a premium of 14.96% to SRAAS volume weighted average price over 20 prior trading days, which is RMB 8.181.The proceeds from this transaction, which is subject to customary closing conditions, including regulatory approvals, will be used to reduce Grifols debt.Grifols will still retain a significant ~6.58% stake in SRAAS as well as a seat on its Board of Directors. Through this groundbreaking alliance we expect to be able to further support Chinas healthcare system needs and offer innovative medicines and diagnostic solutions for patients. Moreover, this agreement marks another major step forward as we meet our commitments, and will contribute to our growth momentum heading into 2024.We are delighted to join hands with Grifols. The strategic partnership formed today marks an important milestone for Haier as we expand across the entire value chain of the plasma industry and will broaden our portfolio and capabilities in healthcare, said Lixia Tan, Vice Chairwoman and Executive Vice President of Haier Group.SRAAS is committed to the pursuit of safety, quality, and innovation, and we share the same vision of putting people at the center of everything we do and always striving for excellence. We look forward to working together with SRAAS and Grifols further to drive integration and innovation of the plasma value chain and contribute to the sustainable development of Chinas healthcare industry, Tan added.Both parties, Grifols and Haier, commit not to transfer any portion of their shares within three years following the completion of the transaction.Grifols retained Osborne Clarke, S.L.P.