European private equity giant EQT and Investor AB, the investment vehicle controlled by Sweden’s Wallenburg family, have agreed to sell medical technology company Gambro to trade buyer Baxter for a total enterprise value of SEK26.5bn ($4bn).
EQT IV held a 51 per cent stake in Sweden-based Gambro, while Investor AB owned the remaining interest.
The value of Gambro’s equity is SEK18.3bn after deducting net debt of SEK8.2bn.
EQT IV and Investor AB took Gambro private from the Stockholm Stock Exchange through a joint public offer in 2006 for a total enterprise value of SEK35bn.
After the delisting, the business was streamlined and the group was split into three independent parts – Gambro Healthcare, CaridianBCT and Gambro.
The first step in the streamlining process was taken when Gambro Healthcare was acquired in 2007 by private equity fund Bridgepoint for an enterprise value of SEK 6.1bn.
CaridianBCT was sold in 2011 to Japanese medical technology company Terumo Corporation for an enterprise value of $2.6bn.
The total transaction value from the three divestments amounts to about SEK50bn.
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