German packaging and medical equipment maker Gerresheimer (GRRMF) announced Thursday that it has signed a purchase agreement with funds advised by Triton for the acquisition of Blitz LuxCo Sarl.
Following the news, shares of Gerresheimer jumped 13%.
Blitz LuxCo Sarl is the holding company of the Bormioli Pharma Group. Gerresheimer will acquire the company for a value of €800 million, with the deal financed by a bridge loan from a consortium of banks consisting of UniCredit, Commerzbank (ETR:CBKG) and LBBW.
The deal is expected to close in Q4 2024.
Gerresheimer said that following the acquisition, it will create a new moulded glass business unit with "new options for a strategic reset for best growth prospects and competitiveness."
Reacting to the news, analysts at Jefferies said they attribute Gerresheimer's recent share price underperformance to market concerns of a potential profit warning at 2Q, due to recent setbacks at both 1SXP and STVN, key peers.
However, they "expect the market to be reassured following the news this morning, and also with the strategic review of the moulded glass business, which many investors believe is value dilutive to the group."