The commitment to strategic deleveraging has culminated in a major move. Grifols has signed an agreement with Haier Group Company to sell 20 percent of its Chinese subsidiary Shanghai RAAS for 1.8 billion US dollars, while retaining a 6.58 percent stake in SRAAS. This transaction aligns with Grifols’ broader plan to reduce debt and strengthen its balance sheet after a period of elevated indebtedness exceeding nine billion euros.
Following earlier discussions that paused with several parties, the deal with Haier, a leading multinational in China, marks a pivotal step in Grifols’ ongoing strategy. The company has consistently communicated a path toward deleveraging and asset optimization in recent quarters, a stance that guided this sale and other financial actions.
On a per-share basis, the sale price equates to 9,405 Renminbi, or roughly 14.96 percent of the volume-weighted average price observed over the prior 20 trading days, which stood at 8,181 Renminbi. This pricing reflects Haier’s willingness to acquire a meaningful stake while acknowledging the value created by SRAAS’s assets and operations.
Grifols and SRAAS continue to operate under existing strategic collaboration arrangements. The parties have agreed that Grifols will remain a board member at SRAAS, reinforcing ongoing governance and strategic coherence across the collaboration.
In parallel, Grifols and SRAAS will revise the exclusive distribution agreement governing the supply of albumin, a key plasma protein. The agreement now envisions a higher throughput for the Chinese market and extends the term for an initial ten years, expiring in 2034. SRAAS will have the option to extend the contract by an additional ten-year period, with guaranteed minimum supply volumes set for the 2024–2028 window. These terms aim to ensure stable access to critical plasma products while supporting market expansion in China.
Net proceeds from the equity sale are earmarked to reduce Grifols’ debt load. The transaction reinforces Grifols’ presence in China, preserves valuable commercial arrangements with SRAAS, and advances the company’s deleveraging commitments that have been emphasized by its leadership and investors alike.
The strategic impact of the Haier transaction extends beyond the immediate capital structure. It signals stronger cross-border collaboration, continued access to the rapidly growing Chinese biopharma market, and a clearer path to long-term financial resilience. Analysts view the move as consistent with Grifols’ goal of strengthening liquidity while maintaining key commercial channels in Asia. The governance and supply commitments associated with SRAAS remain a central pillar of the alliance, supporting product availability and regional penetration in the years ahead. The overall effect is a more flexible balance sheet, improved debt ratios, and a clearer framework for future investments and strategic initiatives in core markets.
This update synthesizes Grifols’ ongoing deleveraging initiative with its established strategic footprint in China, underscoring a disciplined approach to capital allocation and international partnerships. It also reflects the management’s focus on optimizing asset positions while sustaining critical supply chains for vital products such as albumin. The combination of reduced debt, stable governance, and expanded supply arrangements positions Grifols to pursue growth opportunities with greater financial resilience. The company remains committed to delivering value for shareholders through prudent capital management and durable collaborations with leading industry players.
— Citations: Grifols press release and quarterly communications indicate the rationale, terms, and strategic intent of the transaction, including the share sale details, governance provisions, and future supply commitments.