EQT Partners and ADIA is in Talks to Buy Dechra Pharmaceuticals
Posted on 04/14/2023
EQT Partners AB is in talks to buy British veterinary drugmaker Dechra Pharmaceuticals plc (LSE: DPH) for £4.63 billion (US$ 5.8 billion), representing a 46% stock price premium. Under the terms of the possible offer, Dechra shareholders would receive 4,070 pence per ordinary share in cash. This is an all-cash deal offer. The deal would include the private equity department of the Abu Dhabi Investment Authority (ADIA) participating as a co-investor. The money from EQT would come from EQT X EUR SCSp and EQT X USD SCSp. Dechra caters to both the small and large animal markets.
EQT already has veterinary exposure via investments in retailer ZooPlus and pet insurer ManyPets. It has until May 11, 2023 to make a formal takeover offer, per U.K. rules.
Advisors
Dechra Pharmaceuticals is being advised by Investec Bank plc BofA Securities and Morgan Stanley are advising EQT.
