Carlyle Group will purchase a 20% stake in Indian billionaire Ajay Piramal’s pharmaceutical business, according to an exchange filing.
The private equity fund will pay $490 million for the holding, valuing the business at an enterprise value of $2.7 billion. In addition to helping expand capacity of the pharmaceutical operations, the Piramal group will use the money to repay some of parent Piramal Enterprises Ltd.’s debt, the filing said.
“This infusion of funds will further strengthen our balance sheet and provide us with a war chest for the next phase of our strategy,” Ajay Piramal, chairman of Piramal Enterprises, said in the filing.
In May, Carlyle agreed to buy up to 74% of SeQuent Scientific, the largest pure-play animal healthcare company in India.
Source: Bloomberg
Can’t stop reading? Read more
Ex-NHL stars’ Seven7 joins Altor in strategic play for CCM Hockey
Ex-NHL stars’ Seven7 joins Altor in strategic play for CCM Hockey Seven7, the private equity firm...
LDC takes 45% stake in virtual law firm Harper James amid tech-driven expansion push
LDC takes 45% stake in virtual law firm Harper James amid tech-driven expansion push LDC has...
Accounting firms turn to IPOs as private equity reshapes sector dynamics
Accounting firms turn to IPOs as private equity reshapes sector dynamics Private equity’s...