Grifols Is Closer to a Takeover Bid: Brookfield Raises 11 Billion Euros

Record amount of millions to acquire Grifols. The Canadian fund Brookfield has reached an agreement with Banco Santander and Deutsche Bank to raise 11 billion euros and refinance Grifols’ debt. If it goes through, the operation would be the largest syndicated loan signed in Spain, according to El Confidencial.

Brookfield had made the credit line an essential condition for presenting the Takeover Bid (OPA) for all shareholders outside the Grifols family. Specifically, it would be 65% of the capital of the Catalan blood derivatives company .

Grifols’ gross debt currently amounts to 11 billion euros , some of which expire next year. Other financial institutions such as Bank of America, JP Morgan, ING and BNP are also expected to participate in the credit line.

Earlier this month, Brookfield asked Grifols for more information on related-party transactions in order to complete the due diligence it has been engaged in since last July, when Grifols’ then-CEO Thomas Glanzmann announced that it had already begun.

Grifols accumulates a gross debt of 11 billion euros

The request came a few months after the Canadian fund asked Grifols for more time to analyse the possible takeover bid . In parallel, the US Securities and Exchange Commission (SEC) opened a disciplinary procedure against Grifols for defects in financial information and management reports, which has concluded without sanctions.

Grifols closed the first nine months of the year with a profit of 88 million euros, compared to losses of 14.22 million in the same period of the previous year. The group grew by 9.1% between January and September, reaching 5.237 billion euros.

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