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TPG to exit Immucor through $2bn sale to Werfen

Werfen, a global developer, manufacturer and distributor of specialised diagnostic instruments, is to acquire Immucor, Inc, a US-based specialist in transfusion and transplant in vitro diagnostics, from private equity firm TPG for approximately $2 billion.

The acquisition, which is subject to customary regulatory approvals, is being funded with a mix of cash on hand and new senior credit facilities. Werfen does not expect the transaction to impact its investment grade rating from Standard & Poor’s.

TPG acquired Immucor in July 2011 in a $1.97 billion deal, and has subsequently made multiple add-on acquisitions including Sentilus Inc and Organ-i Inc.

Upon completion of this acquisition, and based on 2021 figures, Werfen will surpass €2.2 billion in revenue, with seven technology centers, close to 7,000 employees worldwide, and a direct presence in 30 countries and more than 100 territories through distributors.

Werfen was advised by Barclays and Milbank LLP. BBVA, BNP Paribas, CaixaBank and HSBC Holding plc provided commitments for the new senior credit facilities. The sellers and Immucor were advised by Evercore and Ropes & Gray LLP. 

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