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EQT launches takeover offer for va-Q-tec

sotus 861, a holding company controlled by EQT Private Equity’s EQT X fund, and supported by co-investors Mubadala Investment Company and the Sixth Cinven Fund, has launched a voluntary public takeover offer for all outstanding shares of va-Q-tec AG.

sotus 861, a holding company controlled by EQT Private Equity’s EQT X fund, and supported by co-investors Mubadala Investment Company (Mubadala) and the Sixth Cinven Fund (Cinven), has launched a voluntary public takeover offer for all outstanding shares of va-Q-tec AG.

va-Q-tec is a provider of thermal energy efficiency and temperature-controlled supply chain solutions, listed on the Frankfurt Stock Exchange. 

EQT Private Equity has partnered with va-Q-tec founders Dr Joachim Kuhn (founder and CEO) and Dr Roland Caps (founder and former Head of Research and Development), who together hold approximately 26% in the company’s current share capital.  Both have agreed under a Partnership Agreement to re-invest the majority of their current holding.

EQT has committed to investing in va-Q-tec’s further growth through a 10% capital increase in the company’s share capital at an issue price of €26.00 per share. The proposed transaction would also see a combination of va-Q-tec’s pharma-focused business and Envirotainer, which is owned by EQT Private Equity, Mubadala and Cinven, to create a ‘one-stop-shop’ for customers requiring temperature controlled solutions for the transportation of pharmaceuticals.

EQT is offering €26.00 per share in cash to all outstanding va-Q-tec shareholders, which represents a 46% premium on the the company’s unaffected closing price as of 9 December 2022. 

The transaction will be financed through equity from EQT Private Equity and its co-investors, while the founders will retain a significant stake in the company. The completion of the takeover offer is subject to a minimum acceptance threshold of 62.5% of the company’s current share capital (including shares held by the founders) and certain customary further conditions, including granting of merger control clearance. The deal is expected to close in Q2 2023.

Following the acquisition, EQT’s EQT X fund is expected to be 10-15% invested, based on its €20 billion target fund size.

EQT Private Equity is supported by UBS Europe SE as its sole financial advisor and by Milbank as legal advisor.

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