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The sales process of Iceland’s Actavis to American pharmaceutical company Watson for EUR 4.25 billion (ISK 700 billion, USD 5.55 billion) was completed yesterday.
Björgólfur Thor Björgólfsson. Photo by Geir Ólafsson.
A large part of the sale price will be used to repay the debts of Novator, the investment company of Icelandic tycoon Björgólfur Thor Björgólfsson, to Deutsche Bank, Landsbanki, Straumur Investment Bank and Glitnir Bank, Morgunblaðið reports.
Tens of billions of ISK will go to the Icelandic banks following the sale, as revealed in a statement from Novator issued yesterday evening.
The agreement involves that Novator acquire a share in the merger of Actavis and Watson. Its size will depend on Actavis’s returns and will not be redeemable until 2015 at the earliest. According to Novator, its value cannot be estimated at this stage.
Current shareholders in Actavis will obtain a total of 5.5 million shares in Watson next year, provided plans on Actavis can be realized. Their combined worth is estimated at EUR 250 million (ISK 40 billion, USD 331 million).
Novator would acquire a share of that amount—Björgólfur’s share could be up to ISK 6 billion (USD 48 million, EUR 36 million)—the largest part of which would go to the banks.
After the acquisition the merged company will be the third largest generic pharmaceutical company in the world, employing approximately 17,000 people in around 20 factories and 12 research and development centers around the globe.
The merged company’s expected combined earnings this year are USD 8 billion (ISK 960 billion, EUR 6 billion).
The acquisition depends on various conditions, among other items inspection by American competition authorities.
Click here to read more about Actavis.
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