Alapis S.A. (the "Company"), implementing its strategy to focus on its core business segment and consequently to strengthen its competitive position in the Pharma sector, announces the sale of its non-Human Health activities, namely: i) Animal Health, ii) Cosmetics & Liquid Detergents and iii) Medical Devices (the "Transaction").
The Transaction comprised the sale by the Company of its 100% stake in each of Gerolymatos Prestige SPA S.A, Gerolymatos Cosmetics S.A., Beautyworks S.A., Provet S.A., Gerolymatos Animal Health S.A., Alapis Medical & Diagnostics S.A. and Medimec S.A., and of its 99,66% in Ktiniatriki-Promitheutiki S.A., for a total consideration of €144.7 million.
The Transaction enables the Company to shift strategic and management focus purely on its core activities of manufacturing, marketing and distribution of Pharma products. In Q1 2010 Pharma operations accounted for 74.3% of the consolidated turnover, 84.7% of the consolidated EBITDA and 90.4% of the consolidated EBIT. Amidst the current financial environment the Company strengthens its Balance Sheet, so as to take advantage of the opportunities presented in the Pharma sector.
The Board of Directors, taking into account the considerable competitive advantages presented by focusing on its core business and committed to enhancing and further accelerating the growth momentum of its business planning, proceeded in signing definitive agreements in respect to the Transaction. Deutsche Bank was appointed to provide the Board of Directors with a Fairness Opinion in connection with the Transaction, such opinion - based on the terms contained therein - being delivered to the Board of Directors.