Ranbaxy Fine buys US co Mallinckrodt Baker for $340 mn

[OhioChick]

Source: Economic Times India

2 Sep, 2008, 0128 hrs IST,

MUMBAI/BANGALORE: ICICI Venture-controlled Ranbaxy Fine Chemicals (RFCL) has succeeded in its bid to acquire the US-based speciality chemicals major Mallinckrodt Baker in a deal estimated at $340 million, sources close to the development said.

Once the transaction is concluded, RFCL will be acquiring a company that is over three times its size.

ICICI Venture is likely to fund the equity portion of the deal while debt will be provided by ICICI Bank. A couple of other foreign banks could also join the Indian bank to fund the deal. A formal announcement will be made shortly, and the deal will be completed over the next two months. Mallinckrodt Baker is part of the $10-billion healthcare giant Covidien, formerly Tyco Healthcare.

Sources said the deal structure has not been completely finalised. ICICI Venture could put in anywhere in the range of $100 as equity contribution to the deal.


Read more: http://economictimes.indiatimes.com/News_by_Industry/Ranbaxy_Fine_buys_US_co_for_340m/articleshow/3434065.cms

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Indian Companies are on one hell of a buying spree in the U.S.