Piramal receives Rs 6500 crores on completion of sale of its DRG business
PEL DRG Dutch HoldCo BV, a 100 per cent subsidiary of Piramal Enterprises Ltd (PEL) and the holding company for DRG, had signed the definitive agreement for sale of DRG business with Clarivate Analytics
New Delhi: Piramal Enterprises on Monday said it has received $900 million (around Rs 6,500 crore) on completion of the divestment of stake in its healthcare insights and analytics business to US-headquartered Clarivate Analytics. The company in January this year announced an agreement for sale of its Decision Resources Group (DRG) business to Clarivate Analytics for $950 million and had said it would use the money to reduce debt and to explore organic and inorganic growth opportunities.
PEL DRG Dutch HoldCo BV, a 100 per cent subsidiary of Piramal Enterprises Ltd (PEL) and the holding company for DRG, had signed the definitive agreement for sale of DRG business.
"... the transaction has closed on February 28, 2020, and the company has received a considerable amount of $900 million pursuant to the closing. The remaining $50 million would be received at the end of 12 months from the closing as per the agreed terms," Piramal Enterprises said in a filing to BSE.
Piramal Group is a global business conglomerate with diverse interests in Pharma, Financial Services, Healthcare Information Management, Real Estate and Glass Packaging. The Group has offices in over 30 countries and a global brand presence in more than 100 markets.
Medical Dialogues had previously reported on 18 Jan 2020, that Piramal Enterprises Limited had announced that PEL DRG Dutch HoldCo BV, a 100% subsidiary of PEL and the holding company for Decision Resources Group (DRG) engaged in healthcare insights & analytics business, had signed a definitive agreement for the sale of DRG to Clarivate Analytics plc, a global leader in providing trusted insights and analytics, for a sale consideration of US$950 Million (includes $900 million on closing and $50 million to be received at the end of 12 months from the date of closing). This transaction is subject to shareholder approval and is expected to be completed by the end of February 2020.