Advent to take Mediq private for €775m

Anneken Tappe
24 September 2012

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Advent International has announced plans to delist Dutch pharma company Mediq from the Euronext Amsterdam, valuing the company at €775m.

The acquisition will be made through AI Garden BV, wholly owned by Advent. The GP is offering €13.25 (cum dividend) in cash for all issued and outstanding Mediq shares. This represents a 53% premium on last week's closing share price and a 47% premium on the three-month average.

Existing Mediq shareholders Templeton Investment Counsel and Silchester International Investors, which own a combined share of 20.2%, will accept and support the offer. Mediq's board also approved and recommended Advent's offer.

The parties involved are currently seeking all necessary approvals and clearances, and are planning to go ahead with the process in Q4 2012.

Following the transaction, Advent will follow a buy-and-build strategy for Mediq, focusing on its direct and institutional distribution channel, in order to strengthen its position in the Dutch pharma market.

Advent plans to leave Mediq's two-tier board structure in place; the current management board will remain unchanged following the transaction. The GP announced there would be no redundancies as a direct consequence of the takeover.

Company
Mediq is a Dutch pharmaceuticals, medical devices and care services company headquartered in Utrecht. Founded in 1899, the business delivers products and services directly to individuals, via hospitals, nursing homes and other healthcare institutions.

In 2011, Mediq recorded sales of €2.7bn. It is currently listed on the Euronext Amsterdam.

People
Tom Allen and Bram Grimmelt led the deal on behalf of Advent. Sjoerd van Keulen chairs Mediq's supervisory board and Marc van Gelder is the company's CEO.

Advisers
Equity – Deutsche Bank (M&A); Rabobank (M&A); BNP Paribas (M&A); Marlborough Partners (Debt advisory); Freshfields Burckhauser Deringer (Legal).
Company – ING Bank (M&A); Allen & Overy (Legal).
Supervisory Board – ABN Amro (M&A).