Drug firm SeQuent Scientific today said its subsidiary Alivira Animal Health has completed transaction to acquire majority stake in Spain's Karizoo Group.
Karizoo Group will be integrated and consolidated with the company effective today.
"The transaction has now achieved closure and Karizoo Group (Vila Vina Particpacions) will be integrated and consolidated with the company effective July 1, 2016," Sequent Scientific said in a BSE filing.
In May this year, SeQuent Scientific had announced that its subsidiary Alivira Animal Health inked a pact to acquire majority stake in Spain's Karizoo Group for an undisclosed amount.
Alivira Animal Health Ltd signed a definitive agreement to acquire 60 per cent stake in Karizoo Group, one of the leading animal health groups in Spain and European markets, SeQuent Scientific said in a regulatory filing.
The company has acquired stake in the family held Vila Vina Particpacions (VVP), which owns Karizoo Spain, Phytosolutions Spain, Covivet Spain and Karizoo Mexico, it said.
The existing promoters will continue to hold the remaining 40 per cent stake.
The acquisition makes Alivira a significant player in the global animal health space with annualised revenue in excess of USD 120 million.
Alivira will now account for over two-thirds of SeQuent revenues, with formulations business accounting for over 75 per cent of Alivira's business.
Besides, Karizoo will strengthen Alivira's existing European operations in Belgium, Sweden and Netherlands, making Europe the largest region for Alivira's operations with footprint in 15 European markets.
Europe is the world's second-largest animal health market estimated at USD 9.6 billion in 2015. The market is expected to touch USD 12.2 billion by 2020.
