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[Alpha Biz=(Chicago) Reporter Paul Lee] It has been confirmed that investment by SJL Partners, a partner of SD Biosensor's "2 trillion won M&A Deal", has been canceled again. By the first half of this year, the company was planning to secure 40% of the acquisition price and take responsibility for the investment, but even this became difficult.
SJL Partners decided to secure 40% of the acquisition of US Meridiann Bioscience by raising a fund for domestic and foreign institutional investors by the end of this month, but failed to complete the fund within the deadline.
Until early this year, the acquisition of a 100% stake in Meridian by SD Biosensor was a temporary acquisition. SD Biosensor was originally planned to invest in a 6:4 ratio with SJL Partners, but SD Biosensor invested in full first because it could not raise funds within the deadline. SJL Partners has delivered its intention to invest in SD Biosensors by creating a $ 410 million fund (about 500 billion won) in better conditions by the first half of the year. However, the endynamic change has already lowered investment sentiment in the diagnostic industry, and due to variables such as the lowering of Meridiann corporate value due to changes in the market environment, it is analyzed that even this deadline could not be met.
Under a contract originally released in July last year, SD Biosensor set up a joint venture in the U.S. with SJL Partners, and a subsidiary established after the joint venture established a U.S. subsidiary decided to acquire Meridian. The acquisition amount is $ 1.5319 billion (about 2 trillion won). SD Biosensor invested about $ 600 million to hold a 60% (common stock) stake in its parent company's SPC, while SJL Partners, a financial investor (FI), also planned to invest $ 400 million to secure a 40% (convertible preferred stock) stake. The remaining $ 500 million was covered by acquisition financing.
SJL Partners has been seeking to raise more than 500 billion won worth of project funds for domestic and foreign institutional investors to raise funds for the acquisition. However, in the process of adjusting the timing of investment with foreign institutional investors, it was not possible to raise funds on time. As a result, SD Biosensor delayed the acquisition date by about a month.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
