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Siemens sells healthcare arm
The Board of Directors of Siemens Limited has approved the sale and transfer of its healthcare undertaking, as a going concern on a slump sale basis, for a consideration of Rs 3,050 crore to Siemens Healthcare Private Limited, a subsidiary of Siemens AG.
Hyderabad: The Board of Directors of Siemens Limited has approved the sale and transfer of its healthcare undertaking, as a going concern on a slump sale basis, for a consideration of Rs 3,050 crore to Siemens Healthcare Private Limited, a subsidiary of Siemens AG.
The transaction is subject to requisite regulatory, statutory and shareholder approvals. The consideration for the proposed transaction, recommended by the Audit committee, is based on the valuation undertaken by two independent valuers - Deloitte Touche Tohmatsu India LLP and KPMG India Private Limited. Citigroup Global Markets India is acting as the transaction advisor to Siemens Limited.
“This transaction follows Siemens AG’s global strategy of managing its healthcare business under a separately-managed company. Over 85 of Siemens Ltd Healthcare revenues are currently derived from products imported from Siemens AG. Significant management focus including investments will be needed in finding appropriate products and solutions to meet the growing demands of the Indian market,” said Sunil Mathur, MD, Siemens Limited.
