By Joe Hoppe
Sistema JSFC announced on Wednesday that it jointly acquired Nearmedic International LLC for a nominal price of 1 ruble, as well as its net debt of 5.9 billion rubles ($ 80.7 million).
The Russian investment firm, listed in London and Moscow, said it has acquired Nearmedic, owner of Nearmedic Plus, Nearmedic Pharma and several other pharmaceutical, biotech and healthcare companies in Russia and Italy. Sistema and Sberbank have equally provided 1.2 billion rubles to the new holding company, JSC New Investment Holding, which will be used to partially repay Nearmedic’s outstanding debt to Sberbank.
Sistema and Sberbank have also entered into an option agreement, exercisable in three and a half years. If exercised, Sistema would acquire all of JSC with up to 2.8 billion rubles of unpaid debts owed by Nearmedic to be transferred from Sistema to Sberbank.
Sistema said he would soon start implementing a turnaround plan for Nearmedic, focusing on increasing the value of the company’s assets and expanding production capacity.
“The Nearmedic group has growth potential that can be unlocked through restructuring and improving efficiency, precisely where Sistema has solid and proven expertise,” said Sistema chairman Vladimir Chirakhov.
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