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Dechra Pharmaceuticals PLC Announces Proposed Disposal Of Services Businesses

Wednesday, 10 Jul 2013 02:00am EDT 

Dechra Pharmaceuticals PLC announced that it has entered into a conditional agreement for the sale of Dechra's Services businesses, namely National Veterinary Services (NVS), Dechra Laboratory Services and Dechra Specialist Laboratories (together, the Services Segment) to Patterson Companies, Inc., for a total effective consideration of GBP87.5 million (the Disposal). The Consideration is payable in full and in cash at Completion and is subject to customary adjustments for a normalised level of working capital and net debt. The Disposal will be effected through the sale of the entire issued share capital of National Veterinary Services Limited, a newly incorporated, wholly owned subsidiary of Dechra Pharmaceuticals PLC, to Patterson Companies Inc. The net cash proceeds arising from the Disposal are expected to be approximately GBP86.2 million, after estimated transaction costs of GBP0.9 million and tax arising on disposal of GBP0.4 million. It is intended that the net cash proceeds from the Disposal will be used to reduce the Group's net debt through the prepayment and cancellation of the Group's existing GBP50 million term loan facility and the reduction in amounts drawn down under the Group's existing GBP65 million revolving credit facility. 

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24 Nov 2014