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Munich / Hellerup, 15 December 2016 – SYNLAB Limited (“SYNLAB” or “the Group”) and Novo A/S (“Novo”), the holding company for the Novo Group, today jointly announce that Novo has exercised its option to acquire a stake in the Group for more than 10% of the equity. Cinven remains the majority holder.
The closing of the transaction is scheduled to take place on 15 December 2016.
By exercising its option, Novo emphasizes its ongoing commitment as a strategic investor to facilitate SYNLAB’s expansion and development through significant financial backing for the Group. SYNLAB, established in 1998, is the European market leader for laboratory diagnostics. SYNLAB is growing organically by providing the highest-quality services in the industry. At the same time, the Group is pursuing a strategy of consolidating the laboratory diagnostics market and today is operating in more than 30 countries with total revenue of circa €1.6 billion.
Commenting on the decision of Novo, Bartl Wimmer, CEO of SYNLAB, said:
“Novo’s investment reflects its high level of confidence in SYNLAB’s robust performance, which we have demonstrated both since it acquired its share option in February this year and before that. The investment can also be regarded as a thorough evaluation of our strong growth story. I am looking forward to a fruitful relationship and mutual benefit for both companies.”
Commenting on the investment in SYNLAB, Novo’s Large Investment responsible Michael Shalmi, said:
“We have closely followed the impressive development of SYNLAB throughout 2016, and we are very optimistic that SYNLAB will continue its positive trend in the future. With the exercise of the share option, we extend our commitment to SYNLAB as an important company in our portfolio, which is being built through investing in market leading, profitable life-science companies with favourable growth potential.”
Forward-looking information is subject to risk and uncertainty
This press release may include certain "forward-looking" statements. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terms such as the words "believes", "expects", "may", "will", "would", "should", "seeks", "pro forma", "anticipates", "intends", "plans" and "estimates" or the negative of any thereof or other variations thereof or comparable terms or by discussions of strategy or intentions. These statements are not guarantees of future actions or performance and involve risks, uncertainties and assumptions as to future events that may not prove to be accurate. Actual actions or results may differ materially from what is expressed or forecasted in these forward-looking statements. As a result, these statements speak only as of the date they were made, and SYNLAB undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.