Deal expected to close by 30 June 2016
Strides Shasun announced the signing of definitive agreements to acquire a controlling stake in Universal Corporation, Kenya. The transaction is subject to statutory approvals and customary closing conditions and expected to be close by 30 June 2016.Under the terms of the agreement, Strides Shasun will hold 51% of the issued capital of Universal and the remaining 49% will continue to held by the current promoters. This is an all-cash deal & the total consideration will consist of initial pay out of USD 11 million and a performance related earn out capped at USD 3 million for achieving an EBITDA of USD 2.95 million for 2015. The acquisition will be made through Strides Pharma (Cyprus), a wholly owned subsidiary of the Strides Shasun.
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