EBOS confirms Symbion acquisition.
Symbion Pharmacy Services is set to be acquired by NZ-based EBOS Group, in a NZ$1.1 billion transaction which “will create the largest and most diversified Australasian marketer, wholesaler and distributor of healthcare, medical and pharmaceutical products.”
As foreshadowed in Pharmacy Daily this morning, existing Symbion management will remain in place, with ceo Patrick Davies saying the structure of the new entity further strengthens Symbion’s commitment to the Australian pharmacy industry.
“While this agreement creates an organisation that has very significant scale, resources and opportunities, it achieves this while maintaining everything that is important to our customers,” he said.
EBOS will acquire 100% of Symbion, while the Zuellig Group, which currently owns Symbion, will take a 40% shareholding of the enlarged EBOS Group.
The Symbion brand will remain in place, along with “the stable influence of the Zuellig Group as a major shareholder,” Davies said, adding that “the values and philosophies of Symbion and EBOS are very strongly aligned”.
EBOS ceo Mark Waller said the deal would be transformational for EBOS.
“This is a rare opportunity to create a clear trans-Tasman market leader,” he said.
A Special General Meeting of EBOS will take place in Christchurch on 14 June, and if all required conditions are satisfied including approval by shareholders the transaction is expected to complete in early July.
More information in Pharmacy Daily as it comes to hand.