Overview
- India’s competition regulator said the combination covers Torrent acquiring a stake in JB Chemicals followed by the target’s amalgamation into Torrent.
- Torrent announced plans to buy 46.39% from KKR affiliate Tau Investment Holdings for about ₹11,917 crore and 2.80% from employees for roughly ₹719 crore.
- Under Sebi rules, Torrent will make an open offer for up to 26% of JB Chemicals, totaling ₹6,842.8 crore.
- The overall transaction is valued at about ₹19,500 crore and would be the second-largest pharma deal in India after Sun Pharma’s Ranbaxy acquisition in 2015.
- On completion subject to the conditions and deal steps, Torrent is expected to become India’s second most valued pharmaceutical company.