Completion of sale of 51% interest in subsidiary
Creo completes sale of 51% stake in European subsidiary to Micro-Tech for approximately €30m net proceeds.
- Net cash proceeds approximately €30m
- Equity value of 51% stake sold €72m
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Creo Medical Group plc (AIM: CREO), a medical device company focused on the emerging field of minimally invasive surgical endoscopy for pre-cancer and cancer patients, announces that the sale of 51% of the issued share capital of Creo Medical S.L.U. has now completed in escrow, pending receipt of net cash proceeds of approximately €30m.
As announced on 18 September 2024 (RNS 7151E: Strategic partnership & 51% subsidiary cash sale), Micro-Tech (NL) International B.V., a wholly owned subsidiary of Micro-Tech (Nanjing) Co. Ltd (SHA: 688029) ("Micro-Tech") agreed to purchase 51% of the issued share capital of Creo Medical S.L.U. ("Creo Europe"), a wholly owned subsidiary of Creo, at an equivalent equity value of €72m (the "Sale") on a cash-free, debt-free basis. Along with other customary conditions, completion of the Sale was contingent on Micro-Tech obtaining Outbound Direct Investment clearance in China along with Foreign Direct Investment clearances in Spain, France, Belgium and Germany. These relevant clearances have all been obtained.
The net proceeds are expected to be received shortly and will be used to strengthen the Group's balance sheet, enabling continued targeted investment in the growth of its core Creo and Kamaptive business and deliver on its commercial and operational objectives. A further update will be provided on receipt.
The person responsible for arranging the release of this Announcement on behalf of the Company is
Richard Rees, a Director of the Company.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.