EQT and Investor AB have sold the remaining division of Swedish healthcare business Gambro Group to trade player Baxter International for SEK 26.5bn.
The transaction is expected to be completed during the first half of 2013. EQT held 51% of Gambro Group via its EQT IV fund prior to the sale, while Investor AB owned the remaining 49%.
In 2006, EQT and Investor AB delisted Gambro Group from the Stockholm Stock Exchange through a joint public offer for a total value of SEK 35bn. The debt financing was arranged by Citigroup and Morgan Stanley. The business was streamlined after the delisting and the group split into three independent parts – Gambro Healthcare (dialysis clinics), Caridian BCT (blood technology) and Gambro Renal Products (dialysis equipment).
In 2007 Gambro Healthcare was acquired by private equity fund Bridgepoint for SEK 6.1bn, the first step in the streamlining process. The company was sold in an auction process run by Goldman Sachs. Other bidders for Gambro Healthcare included 3i and Warburg Pincus. The sale of the healthcare division was part of a value-creation plan implemented by Investor AB and EQT when they de-listed the company.
Japanese medical technology company Terumo Corporation bought Caridian BCT in 2011 for $2.6bn.
EQT's exit of Gambro to Baxter means that all parts of formerly listed Gambro Group now have new owners. The total transaction value from the three divestments amounts to approximately SEK 50bn.
Gambro is headquartered in Stockholm and was founded in 1964 in Lund, where most of the company's Swedish operations are still based. In total, it employs 11,000 people in more than 40 countries.
Gambro was divided into three businesses: Gambro Renal Products, Gambro Healthcare and Caridian BCT. Gambro Renal Products offers products, therapies and services for both in-centre and home dialysis, as well as for blood purification in intensive care units.
Gambro Healthcare provides renal care services and offers a full range of end-stage renal disease treatment and patient care, while Gambro BCT focuses on apheresis and cell therapy.
Guido Oelkers is president and CEO of Gambro Renal Products. Harry Klagsbrun is a partner at EQT in Sweden.
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