By Nina Kienle
Sartorius Stedim Biotech, a France-based analytical laboratory-instrument manufacturer, has successfully completed a capital increase worth €1.2 billion ($1.29 billion) in order to mitigate its debt. The company sold approximately 5.2 million shares to institutional investors at a price of €233 per share, representing a discount to its previous closing price of €251 on Tuesday.
Sartorius Stedim Biotech is a subsidiary of Germany’s Sartorius AG, which also participated in the capital increase by acquiring new shares in Sartorius Stedim Biotech with a value of approximately €400 million. As a result of the capital increase, Sartorius AG’s stake in Sartorius Stedim Biotech will decrease from 73.6% to 71.5%.
The majority of the net proceeds from the capital increase will be allocated towards the partial repayment of shareholder loans provided by Sartorius and its finance subsidiary.
Additionally, Sartorius successfully completed the sale of treasury shares valued at around €200 million. This involved the sale of 613,497 shares at a price of €326.00 per share, which was below the previous closing price of €339.50 on Tuesday. The proceeds from this sale will be utilized to expedite debt-reduction efforts and grant the company greater strategic flexibility.