EBOS/Symbion to list by Dec
May 30, 2013
The enlarged EBOS Group will
float on the Australian Stock
Exchange by the end of the year,
after confirming the $1.1 billion
acquisition of Symbion (PD
breaking news yesterday).
EBOS said the deal will make it
New Zealand’s third largest listed
company, with md Mark Waller
saying the combined business
would have total sales of more than
NZ$6 billion a year.
“We are bringing together two
businesses that are very wellmatched
geographically and
operationally and are leaders in
key segments in their respective
markets,” he said.
“We see this transaction as a rare
and transformational opportunity”.
“Symbion has a strong record of
growth and profitability, as does
EBOS. It has a diversified earnings
stream in pharmacy, hospital and
animal care, and is a great fit with
EBOS’ core business competencies
in both countries,” Waller added.
Symbion md Patrick Davies said
the deal was likely to see a range
of new opportunities, including
potentially expanding EBOS’
“sophisticated third-party logistics
business” in Australia.
The revelation has also seen more
visibility of Symbion’s financial
performance, with the company
reporting revenue of almost A$3.9
billion last financial year, with
EBITDA of A$108.5 million.
That dwarfs the sales of EBOS,
which turned over NZ$1.43 billion.
Symbion’s owner Zuellig Group
will retain an interest in the
operation by taking a 40% stake in
the combined businesses.
Zuellig also has an existing
presence in New Zealand via
investments in the Pharmacybrands
listed retail pharmacy group, and
agricultural equipment distributor
C.B. Norwood.
The EBOS acquisition of Symbion
will take “economic effect”
from 01 June, but is subject to a
Special General Meeting of EBOS
shareholders which is scheduled to
take place in Christchurch on 14 Jun
and is expected to settle in July.
Waller said the takeover makes
sense from both a financial and
strategic point of view, with
Symbion’s owners keen to be part
of the transaction and focus on the
“go forward potential” of the group.
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