Day of glory in Piazza Affari for the title Diasorin, which - after having struggled to set the price - gains 9% in the middle of the morning, to 152,20 euros, posting the best increase in the Ftse Mib by posting.
Triggering the buying spree on the diagnostics company's shares was Sunday evening's announcement of thepurchase of the American Luminex for $1,2 billion in cash.
Through this transaction, Diasorin will gain access to a multiplexing molecular diagnostics portfolio and technology, strengthening its current offering and expanding its presence in the United States.
The acquisition will give birth to a group with a turnover of 1,25 billion euros, an adjusted ebitda of 472 million and a positive net financial position of 335 million (net of the financing for the transaction).
Luminex, with more than 900 active customers, is the market leader in multiplexing molecular diagnostics, the fastest growing sector in the molecular diagnostics market.
The completion of the acquisition by Diasorin is expected by the third quarter of 2021 and is subject to the approval of Luminex's shareholders' meeting and other conditions, including the authorizations required by the antitrust law and by the US Committee on Foreign Investments.
The operation – explains the company's note – will be financed through a mix of cash and debt. In particular, DiaSorin signed a Senior Facilities Agreement with a syndicate of banks (which includes BNP Paribas, Citi, Mediobanca and UniCredit) which provides for a term loan of USD 1,1 billion maturing in 2026 and a bridge loan of USD 500 million of dollars with expiry within 12 months, with the option of extension (exercisable at DiaSorin's discretion) for a further 12 months.
Earnings per share of Diasorin it is expected to increase immediately after the closing of the transaction. The transaction is expected to generate cost synergies of approximately $55 million within three years.
The Luminex acquisition will create “value for our shareholders and presents an outstanding opportunity for our future growth, positioning Diasorin and Luminex as a unique combination of diagnostic specialists,” he commented. Charles Rose, CEO of Diasorin.
