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Synlab is planning 2021 stock market flotation: Reuters
Posted on Wednesday, 14 October 2020 11:59
Synlab is planning an initial public offering (IPO) that could take place in 2021 and may value the German laboratory services group at between EUR 5.00 billion and EUR 6.00 billion, people familiar with the matter told Reuters.
According to sources, the company has hired Goldman Sachs and JPMorgan as global coordinators for the stock market flotation.
Bank of America, Deutsche Bank, Barclays, BNP Paribas, HSBC and Jefferies will also take part in organising the deal, the insiders said, asking not to be named as the situation is still private.
The news provider previously reported on the listing in February, citing people close to the situation as saying private equity owner Cinven has initiated a listing process.
At the time it was suggested the group may run a dual-track process and if a sale was the chosen option it could be worth around EUR 5.50 billion.
Cinvent acquired Synlab from BC Partners for EUR 1.70 billion in 2015 and then merged it with Labco to create Europe’s largest lab services provider handling over 500.00 million tests per year.
The target offers the full range of innovative and reliable medical diagnostics for patients, practising doctors, clinics and the pharmaceutical industry.
Synlab ranks between number one and number three in every key market and the undisputed European market leader in the field of laboratory services with strong revenue, cash flows and high margins.
The group posted adjusted earnings before interest, taxes, depreciation and amortisation of EUR 444.00 million on revenues for EUR 2.10 billion.
Zephyr, the M&A database published by Bureau van Dijk, shows there has been one other stock market flotation of a medical and diagnostics laboratories providers announced globally in 2020 to date.
This deal involves Sansure Biotech is listing on Shanghai Stock Exchange Sci-Tech Innovation Board and is seeking CNY 2.02 billion (USD 300.67 million).
© Zephus Ltd