Private equity firm Apax is set to agree the acquisition of a 50% stake in medical group Palex in a deal that will value the company at around 1 billion euros ($1.1 billion), debt included, according to two sources with knowledge of the deal.
Apax would acquire the stake in the medical equipment provider from investment fund Fremman and other minority shareholders, the sources said.
Fremman, which was majority shareholder of Palex prior to the deal, would keep a 50% stake in a vehicle that will control the company. Apax and Fremman would partner with Palex's management team, which also owns a minority stake, the sources added. The transaction has been agreed on the basis of an 80 million euros earnings before interest, taxes, depreciation and amortisation figure that the company expect to reach in 2023, the sources said.Palex has grown through acquisitions in the last few years. Last year, it acquired an Italian company called Gala in a deal that they say would allow the Spanish company to be a "leading medical device distribution platform in Europe".
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