Hengeler Mueller advised Sonic Healthcare Limited (SHL.AX) on sale of its interest in GLP Systems GmbH.
Sonic has sold its indirect 85% shareholding in GLP systems GmbH to Abbott Laboratories. Abbott has also acquired the remaining 15% interest in GLP.
The sale of GLP will generate an after-tax profit to Sonic of around €30 million. Approximately €80 million of cash (comprising sale proceeds and shareholder loan repayments) will be returned to Sonic, which will be used to repay existing Euro debt, creating additional balance sheet capacity for further laboratory acquisitions. FY 2019 revenue for GLP is approximately €14 million. The sale documentation includes a long-term collaboration agreement between Sonic and Abbott, as Sonic will continue to be an important customer of GLP.
Systems GmbH develops laboratory automation systems for clinical chemistry, hematology, and other work areas. The company is based in Hamburg, Germany.
Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide.
Headquartered in Sydney, Australia, Sonic Healthcare is a global healthcare company with a reputation for excellence in laboratory medicine/pathology, radiology/diagnostic imaging and primary care medical services.
Hengeler Mueller advised Sonic and the other selling shareholder on the transaction. The team included partners Jens Wenzel (Picture), Kai-Steffen Scholz (both Corporate/M&A, Berlin), Hendrik Bockenheimer (Employment, Frankfurt) and Thorsten Mäger (Antitrust, Düsseldorf), counsel Markus Ernst (Tax, Munich) and Sonnhild Draack (Employment, Frankfurt) as well as associates David Huthmacher, Alexander Orlowski (both Corporate/M&A), Jan Michael Krusche (IP/IT), Tom Pleiner (Public Law) (all Berlin), Christian Jopen (Antitrust, Düsseldorf) and Sebastian Heinrichs (Tax, Frankfurt).
Involved fees earner: Jens Wenzel – Hengeler Mueller;
Law Firms: Hengeler Mueller;
Clients: Sonic Healthcare;