Sartorius Stedim Biotech Completes $1.3 Billion Capital Increase
By Nina Kienle
Sartorius Stedim Biotech said it completed a 1.2 billion-euro ($1.29 billion) capital increase to reduce debt.
The France-based analytical laboratory-instrument manufacturer said on Wednesday that it sold around 5.2 million shares to institutional investors at EUR233 each. This represents a discount to its closing price of EUR251 on Tuesday.
The company is a French-listed subsidiary of Germany's Sartorius AG, which participated in the capital increase by acquiring new shares in Sartorius Stedim Biotech valued at around EUR400 million. Following the capital increase, Sartorius's stake in Sartorius Stedim Biotech will be reduced to 71.5% from 73.6%.
Sartorius Stedim Biotech said it intends to allocate at least two thirds of the net proceeds to partially repay shareholder loans granted by Sartorius and its finance subsidiary.
Sartorius separately completed a sale of treasury shares valued at around EUR200 million, selling 613,497 shares at EUR326.00 per share, a discount to its closing price of EUR339.50 on Tuesday. Sartorius said proceeds will be used to accelerate debt-reduction efforts and give it strategic flexibility.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
February 07, 2024 03:05 ET (08:05 GMT)
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