- December 17, 2021
- Posted by: Stratford Team
- Category: Business
By Kyle Morris
Johnson Matthey PLC said Friday that it has agreed to sell its health business to Altaris Capital Partners for an enterprise value of 325 million pounds ($433 million).
The chemicals and technology company said it will receive GBP150 million in cash on completion and that it will retain an around 30% stake in the business, from which it expects to realize significant additional future value.
A further GBP50 million payment will be dependent on the achievement of certain performance targets and an additional GBP50 million will be structured as a vendor loan note, deferred until a future exit.
The sale is expected to lead to an accounting loss of around GBP200 million.
The deal is expected to complete in the middle of 2022 and is subject to regulatory approvals.
“As the world transitions to more sustainable technologies, we are focusing our portfolio on the most attractive growth areas, specifically businesses…
