Singapore's sovereign fund is associated with Grifols with an investment of 840 million
The GIC firm, Singapore's sovereign fund, will become a Maphols of Grifols when entering the shareholders of its Biomat subsidiary, which has centers to obtain plasma in the US.GIC will pay around 1.000 million dollars (840 million euros) in the operation, which the Catalan laboratory will use to reduce debt, according to the Catalan company this Wednesday to the CNMV.
"As a result of this transaction, GIC will become a strategic investor for GRIFOLS with a minority participation in Biomat USA through the acquisition of preferential actions without the right to vote of new issuance," explains the Catalan company in a statement.
Grifols controls the Biomat company for more than two decades, when its strong expansion began in the US, which is its main market and its nerve point of obtaining plasma in a remunerated way to volunteers.This filial has a network of 296 centers in that country.
The Hemodervados multinational explained that it will continue to control all aspects related to the management of Biomat and the operation of the centers.All the plasma collected in these facilities will continue to be supplied to Grifols for the production of plasma medications through a long -term contract.
Víctor Grífols Deu, CEO of the Laboratory Solidarity, highlighted the strategic nature of the alliance with GIC: "It is a pleasure to welcome GIC as a strategic investor to continue dynamizing and enhancing our current network of plasma centers in the US, which constituteA clear competitive advantage ".
The news caused a 2% rise in the company's shares at the start of the stock market.
This operation will serve Grifols to reduce his liability, since he has pledged to gradually reduce his leverage.In the first quarter of 2021, the laboratory's net financial debt was 6.200.5 million and the net financial debt ratio on EBITDA in 5.1 times as a result of the acquisitions of plasma centers to BPL and Kedrion and the Gigagen transaction.
From Grifols it is explained that historically, GIC's investment trajectory, one of the world's largest and most active sovereign investment funds with more than 100.000 million dollars in portfolio assets, verifies their preferences for minority and long -term shares."Grifols will continue to control all aspects related to the management of Biomat and the operation of the centers and this is not planned to change," added.On whether the fund is expected to invest more in Grifols or Biomat, the company points out that at the moment they are focused on this operation that will allow the bottom of becoming a strategic partner of Grifols "with whom we will share the same interest in strengthening and expandingOur Network of Plasma Centers in the US, which means a clear competitive advantage for us, while reducing our debt level ".
GIC's arrival occurs in one of the most complicated years for Grifols for the Covid-19 pandemic.The sanitary restrictions fundamentally last year trimmed to obtain plasma in the US, the raw material with which the laboratory manufactures its hemoderivated products.That has led to the company's accounts to reside.At the beginning of June, the multinational that quotes in the IBEX 35 pointed out that he hopes to return to normal, to his path traced without pandemic, in 2022.The Catalan laboratory awaits "a rebound in sales in the last part of 2021 thanks to the solid sustained demand and the recovery of obtaining plasma".
Precisely, the company has maintained a strategy of extending its network of plasma centers in recent months, with purchases in the US and entry into Egypt, and plans to continue with that acceleration.If in 2021 it reaches 380 points (double that in 2016), next year the number will reach 450 and 2026 will be 520 (36% more).
Singapore's sovereign fund is one of the world's big investors.Invest for variable income, bonds, debt, real estate and as a risk capital.In Spain, it has the control of socimi logistics P3 Logistic Parks.
