Cinven agreed to buy out Synlab AG for about €1.27 billion ($1.3 billion) two years after listing the German laboratory operator, which has been suffering from reduced demand for its testing facilities.
Investors will get €10 a share in cash, Cinven’s Ephios Luxembourg unit said Friday. Cinven submitted a non-binding expression of interest in March to acquire Frankfurt-listed Synlab at that price, confirming an earlier Bloomberg News report. The bid is 42% higher than the closing price on March 10, before Cinven’s previous announcement.
A take-private of Synlab will make it easier for Cinven to transform the Munich-based company as it grapples with a post-pandemic decline in demand for testing facilities. The private equity firm already controls a stake of 42.8% in the company.
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