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DiaSorin gets $1.1 billion term loan, $500 million bridge commitment
By Sara Rosenberg
New York, April 12 – DiaSorin SpA has received a commitment for a $1.1 billion term loan due 2026 and a $500 million one-year bridge loan to help fund its acquisition of Luminex Corp., according to a news release.
Citigroup, BNP Paribas, Mediobanca and UniCredit are the bookrunners and lead arrangers on the debt.
Under the agreement, Luminex is being bought for $37 per share for an enterprise value of $1.8 billion.
Other funds for the transaction will come from cash on hand.
Combined entity leverage of the transaction is estimated to be 2.5x and is expected to quickly decrease driven by cash generation.
Closing is expected in the third quarter, subject to Luminex shareholder approval and to customary conditions, including the satisfaction of antitrust and CFIUS regulatory requirements.
DiaSorin is an Italy-based developer, producer and marketer of reagent kits used by diagnostic laboratories. Luminex is an Austin, Tex.-based developer, manufacturer and seller of biological testing technologies and products.
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