Swiss-based Partners Group has agreed to acquire European pharmaceuticals company Pharmathen in a deal valuing the business at an enterprise value of about 1.6 billion euros ($1.36 billion), the investment company said on Monday.
A source familiar with the matter told Reuters that Partners Group paid less than 18 times earnings for Parmathen.
Partners Group is buying Pharmathen from fellow investment company BC Partners and will work closely with the manufacturer of complex generic pharmaceutical products to scale the business internationally and accelerate its expansion in the United States, it said in a statement.
BC Partners was advised by Jefferies and Kirkland & Ellis, BC Partners said in a separate statement.
Separately on Monday, Partners Group confirmed reports on Saturday that it was acquiring a 75% stake in Italian telecoms company EOLO.
Partners Group last week said it had received $12.1 billion in new commitments from its global client base in the first half of 2021, bringing total assets under management to $118.9 billion.
The group has done several deals recently, acquiring stakes in Chinese logistics business Apex and U.S. solar company Dimension Renewable Energy.
Source: Reuters.com