The Carlyle Group, a global investment firm, has inked an agreement to acquire a majority stake of up to 74 percent in Mumbai-based pure-play animal healthcare company, SeQuent Scientific.
The deal is pegged at Rs 1,500-1,800 crore. This will be Carlyle Group’s first acquisition of a controlling stake in an Indian listed company.
The Carlyle Group will acquire a majority stake (up to 50 percent) in SeQuent Scientific through private share purchase agreements at Rs 86 per share.
The deal will be conducted by CA Harbor Investments, an entity of CAP V Mauritius, a fund run by Carlyle Group.
The proposed transaction will trigger a mandatory open offer, with CA Harbor Investments planning to acquire up to 26 percent shares of SeQuent Scientific.
The transaction is expected to close in Q3/2020, following which CA Harbor Investments will become the new promoter of SeQuent Scientific.
JP Morgan was the financial advisor, while Nishith Desai Associates was the legal advisor to SeQuent Scientific and its promoters.
Nomura was the financial advisor while AZB & Partners and White & Case were legal counsels to CA Harbor Investments and Carlyle Group.