The US healthcare corporation McKesson will acquire the pharmaceutical wholesaler Celesio for a total of 6.1 billion euros. Gleiss Lutz advised the banks financing McKesson, Goldman Sachs and Bank of America, on takeover and financing aspects of this multi-billion transaction.
McKesson will first acquire a 50.01 per cent stake in Celesio from the Duisburg-based, family-owned company Haniel, the current majority shareholder. In addition, the US corporation will make a voluntary public takeover offer to the remaining Celesio shareholders to acquire their shares for 23.00 euros per share. Moreover, McKesson will also make a purchase offer to the holders of Celesio’s convertible bonds. This results in a total value of Celesio AG of 6.1 billion euros.
The deal is subject to the condition that at least 75 per cent of the Celesio shares are tendered. The transaction is not expected to be fully completed until the first quarter of 2014.
The following Gleiss Lutz-Team advised Goldman Sachs and Bank of America on the transaction: Dr. Christian Cascante, Dr. Jochen Tyrolt (both partners, Corporate/M&A, Stuttgart, both lead), Dr. Helge Kortz (partner), Frank Schlobach (both banking and finance, Frankfurt), Dr. Stephan Aubel (partner), Alexander Gebhardt (both ECM, Frankfurt), Maike Sauter (Corporate/M&A, Stuttgart).
Gleiss Lutz advised together with a team from Davis Polk & Wardwell, New York.
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