PARIS (Reuters) - French private equity firm Astorg on Wednesday said it had reached an agreement to acquire a majority stake in health devices manufacturer Nemera from Montagu Private Equity, with Nemera to be jointly controlled by Astorg and Montagu.
The financial terms of the transaction were not disclosed, although data and information provider Marketline reported that the value of the deal topped 1 billion euros ($1.15 billion).
“While committing to acquire the business in full, Astorg has offered Montagu the opportunity to reinvest as a partner in the next phase of Nemera’s growth, alongside its management team,” Astorg said in a statement, adding it would jointly control Nemera with Montagu after the transaction.
Nemera, based in the south of France, manufactures spray pumps, actuators, valves and autoinjectors.
Astorg said it had been advised by Citigroup and Latham & Watkins, while HSBC, Morgan Stanley and Weil Gotshal advised Montagu.
(This version of the story has been corrected to change headline and clarifies Montagu and Astorg will jointly control Nemera)
Reporting by Matthias Blamont; Editing by Sudip Kar-Gupta