The commitment has been fulfilled. griffles signed an agreement with Haier Group Company For the sale of 20% shares in the Chinese business, Shanghai RAAS (SRAAS) for US$1.8 billion (approximately 1.6 billion euros). The company will keep 6.58% stake in SRAAS.
This operation was a result of the company’s commitment to reduce its debt, which exceeds 9 billion euros. After breaking off negotiations with some of the parties involved, it managed to sign a deal with Haier, one of China’s major multinational companies. Grifols had once again confirmed the strategy its shareholders have been following regarding debt reduction and liquidations in recent months.
The sales price per share is RMB 9,405 in Chinese currency, representing 14.96% of the volume weighted average price of SRAAS shares over the previous 20 trading days of RMB 8,181.
current ones strategic commercial cooperation agreements The agreements between Grifols and SRAAS are still in force, the Catalan multinational blood products company reported. Parties agreed for Grifols to continue Board member of SRAAS.
Grifols and SRAAS will change the exclusive distribution agreement SRAAS will supply greater amounts of albumin – plasma protein – to the Chinese market, extending its current term for an initial period of 10 years (until 2034), with SRAAS having the option to extend that period for an additional period of 10 years With guaranteed minimum supply volumes for the period 2024-2028.
The proceeds of this operation will be used reduce debt. With this operation Grifols continues its presence in ChinaIt maintains its commercial agreements with SRAAS and also delivers on its deleveraging commitment as highlighted.