Siegfried acquires significant segments of BASF’s pharmaceutical supply business
The Siegfried Group signed an agreement with the German company BASF with the aim of acquiring significant segments of BASF’s pharmaceutical supply business and connected chemical-pharmaceutical production units in Germany, France and Switzerland. Siegfried expects the transaction to be concluded in fall 2015 subject to the necessary consultation procedure in France and approval by the antitrust authorities. The three sites with over 800 employees reported total sales for 2014 of some CHF 280 million. The debt-free price of acquisition amounts to approximately EUR 270 million. Financing of the transaction is secured by a syndicate of Swiss banks. An increase of capital stock is not planned. Following completion of the transaction, Siegfried plans to issue a hybrid bond for partial refinancing.
Similar to Siegfried, the BASF business unit concerned supplies the worldwide pharmaceutical industry and produces active pharmaceutical ingredients and intermediate products and, therefore, ideally complements Siegfried. The planned transaction comprises sites in Minden (Germany), Saint-Vulbas (France) and Evionnaz (Switzerland).
Siegfried CEO Rudolf Hanko: “Through this acquisition, Siegfried will reach the critical size to play a leading role in the supplier market as a recognized partner for the pharmaceutical industry. This acquisition demonstrates the growth potential for the Siegfried Group.”
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