Sartorius Stedim Biotech Completes $1.3 Billion Capital Increase
By Nina Kienle
Sartorius Stedim Biotech said it completed a 1.2 billion-euro ($1.29 billion) capital increase to reduce debt.
The France-based analytical laboratory-instrument manufacturer said on Wednesday that it sold around 5.2 million shares to institutional investors at EUR233 each. This represents a discount to its closing price of EUR251 on Tuesday.
The company is a French-listed subsidiary of Germany's Sartorius AG, which participated in the capital increase by acquiring new shares in Sartorius Stedim Biotech valued at around EUR400 million. Following the capital increase, Sartorius's stake in Sartorius Stedim Biotech will be reduced to 71.5% from 73.6%.
Sartorius Stedim Biotech said it intends to allocate at least two thirds of the net proceeds to partially repay shareholder loans granted by Sartorius and its finance subsidiary.
Sartorius separately completed a sale of treasury shares valued at around EUR200 million, selling 613,497 shares at EUR326.00 per share, a discount to its closing price of EUR339.50 on Tuesday. Sartorius said proceeds will be used to accelerate debt-reduction efforts and give it strategic flexibility.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
February 07, 2024 03:05 ET (08:05 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks