UK buyout firm Cinven has made a non-binding offer to take German laboratory operator Synlab AG private in a roughly €2.2 billion deal, just two years after listing the business, according to a report by Bloomberg.
UK buyout firm Cinven has made a non-binding offer to take German laboratory operator Synlab AG private in a roughly €2.2 billion ($2.4 billion) deal, just two years after listing the business, according to a report by Bloomberg.
Synlab confirmed Cinven’s €10 per share offer in a statement on Monday and said it was was examining the proposal. There is currently no guarantee that Cinven, which already owns 43% of the business, will proceed with the acquisition.
Synlab’s share price rose by as much as 31% on Monday as news of Cinven’s approach broke, giving the company a market value of around €2 billion. Following its IPO in 2021, Synlab’s valuation soared to almost €5.5 billion on the back of a Covid-19 testing boom.
Synlab has subsequently been hit by a post-pandemic decline in demand for testing facilities with its stock dropping almost 70% since that November 2021 high.
