Carlyle to acquire up to 74 pc stake in SeQuent Scientific

Global investment firm The Carlyle Group on Friday said it has entered into a binding agreement to acquirean equity stake ofup to 74 per cent in leading animal healthcare firm SeQuent Scientific.

According to sources, the deal size would be over Rs 1,500 crore.

CA Harbor Investments, an affiliated entity of CAP V Mauritius Ltd and The Carlyle Group (Carlyle), has agreed to acquireup to 74 per cent equity stake in SeQuent Scientific Ltd, according to a statement.

CA Harbor Investmentsproposes to acquirea majority stake inSeQuentvia private share purchase agreements, for a purchase price of Rs 86 per share, The Carlyle Group said.

Pursuant to the SEBI Takeover Regulations, the proposed transaction will trigger a mandatory open offer byCA Harbor Investmentsand CAP V Mauritius Ltd for the purchase of up to 26 per cent equity shares of SeQuent from public shareholders, the statement said.

The transaction is expected to close in the third quarter of 2020 , it added.

"We are pleased to have achieved this strategic outcome for SeQuent and its investors through this divestment,"said founder Arun Kumar, on behalf of the current promoter group of SeQuent.

On the development, Carlyle Asia Partners team MD Neeraj Bharadwaj said: "We will draw on our global network, industry knowledge and operating expertise in healthcare to advise SeQuent on its business expansion strategy, enhance its operations, and help the company drive sales and product innovation."