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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bayer AG | TG:BAYN | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.985 | 3.61% | 28.30 | 28.29 | 28.30 | 28.775 | 27.815 | 27.88 | 452,337 | 14:47:33 |
HONG KONG—KKR & Co.-backed Panasonic Healthcare Holdings Co. is buying Bayer AG's diabetes-care business for just over €1 billion ($1.13 billion), a move that builds out a global distribution channel for the Japanese health-care company.
Japanese companies are increasingly hunting abroad for acquisitions that can help them grow revenues and build out their sales and distribution channels.
Panasonic Corp. sold 80% of its medical-devices business to KKR last year with the aim of building the global reach of the operations with the U.S. private-equity firm. Panasonic still owns 20% of Panasonic Healthcare.
Panasonic Healthcare and Bayer have cooperated extensively in the past, with Bayer marketing devices made by the health-care company, including exclusive arrangements to sell some Panasonic Healthcare products.
Panasonic Healthcare manufactures blood glucose monitoring meters and strips for diabetes patients in additional to medical information technology and a life sciences business.
The Bayer diabetes unit that Panasonic Healthcare is buying recorded sales of €909 million last year.
The deal is expected to close in the first quarter of 2016, the companies said in a statement.
Write to Rick Carew at rick.carew@wsj.com
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