KKR, EQT among investors eyeing stake in Germany's Stratec -sources
01/04/2022 12:15
By Emma-Victoria Farr
LONDON, April 1 (Reuters) - Financial investors including
KKR KKR.N and EQT EQTAB.ST are considering offers for a
stake in listed German laboratory supplier Stratec SBSG.DE ,
sources familiar with the matter told Reuters on Friday.
According to a report by Bloomberg, Permira PERM.UL and
CVC are also interested in a 40.55% stake held by company
founder Hermann Leistner and his family. urn:newsml:reuters.com:*:nL3N2VY47X
Considerations are at an early stage, but a deal could
trigger a takeover bid to all shareholders. It is not yet clear
whether the offers are individual or potentially joint bids.
JP Morgan is advising Stratec, according to a source
familiar with the situation.
KKR, EQT, Permira, Stratec and JP Morgan declined to
comment. CVC did not immediately respond to requests for
comment.
Stratec shares listed in Germany’s small-cap SDAX index rose
more than 17% on Friday morning, driven by the takeover
speculation. urn:newsml:reuters.com:*:nL5N2VZ1QD
The company is valued at 1.23 billion euros ($1.36 billion)
on the stock exchange.
The biomedical technology firm benefited from demand for
laboratory products during the coronavirus pandemic.
It employs about 1,400 people and produces machinery to
automate in-vitro testing in laboratories, including for for
coronavirus.
Its earnings for the first nine months of 2021 rose 61% to
58 million euros.
In the current financial year, the Birkenfeld-based company
expects earnings to decline due to rising costs related to raw
materials and transportation.
($1 = 0.9049 euros)
(Reporting by Emma-Victoria Farr in London, additional
reporting by Matthias Inverardi in Duesseldorf, editing by Jason
Neely)
((emma-victoria.farr@thomsonreuters.com;))