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LH - Laboratory Of America Holdings News Story

$255.66 0.9  0.4%

Last Trade - 12/04/21

Large Cap
Market Cap £18.14bn
Enterprise Value £21.48bn
Revenue £10.20bn
Position in Universe 493rd / 6825

German laboratory group Amedes being prepared for sale, say sources

Wed 24th February, 2021 10:39am
FRANKFURT, Feb 24 (Reuters) - German laboratory group Amedes
is being prepared for a potential 1.4 billion euro ($1.7
billion) sale on the back of a pandemic-driven spike in demand
for its services, people close to the matter said. 
    The group's majority owner, French infrastructure investor
Antin, has invited investment banks to pitch for roles in an
auction that is expected to launch in the second half of 2021,
they said. 
    Antin and Amedes declined to comment.
    Amedes has annual core earnings of more than 100 million
euros and could be valued at 12-14 times that in a potential
deal, the sources said. 
    Rivals such as Sonic  SHL.AX , Quest Diagnostics  DGX.N  and
LabCorp  LH.N  trade at 8-10 times their expected core earnings.
    The deal would follow an expected stock market listing by
bigger rival Synlab, which sources say is slated to take place
after Easter and could value the Cinven-owned business at about
6 billion euros.*:nL8N2KH3HK
    Amedes operates laboratories at 90 sites in Germany,
Belgium, Austria and Dubai, employing about 4,000 staff and
treating 450,000 patients a year.
    The company processes so-called PCR tests for the
coronavirus as well a wide variety of medicals tests for
patients, doctors and hospitals, including oncological, genetic,
microbiological and pathological tests.
    The company was founded in 1987 and has since grown through
a string of acquisitions. Buyout group General Atlantic took a
majority stake in 2007, which it sold to Antin in 2015 in a deal
valuing the firm at about 800 million euros.   
($1 = 0.8223 euros)

 (Editing by David Goodman)
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