Asaleo Care shareholders have voted in favour of hygiene and health company Essity’s agreement to acquire the remaining 63.8 per cent of the shares in the hygiene company.
Essity will acquire the remaining 63.8 per cent of the shares in Asaleo Care for AUD 1.40 cash per share.
The consideration implies an equity value on a 100 per cent basis of approximately $A760 million and an enterprise value of $A855 million.
In 2020, Asaleo Care reported sales of $A419 million and underlying EBITDA of $A 89 million.
Based on this, Asaleo Care would have contributed to Essity’s net sales and EBITDA by approximately 2 per cent for 2020.
“The acquisition of Asaleo Care will facilitate the opportunity for profitable growth in Australia, New Zealand and the Pacific region and will further consolidate our position as a leading global health and hygiene company,” Magnus Groth, President and CEO of Essity said in connection to the agreement.
The transaction is subject to approval by the Federal Court of Australia which will be sought at a court hearing scheduled for June 9, 2021.
Subject to court approval, the transaction is planned to be finalised on July 1, 2021.
Comment below to have your say on this story.
If you have a news story or tip-off, get in touch at email@example.com.
Sign up to INCLEAN NZ’s newsletter.