ALK to spin-off its European veterinary business for undisclosed sum
Danish allergy specialist ALK-Abello on Monday said it has agreed to sell its European veterinary business to Swedish investment company Fidelio Capital for an undisclosed sum.
The company said it is spinning off the veterinary business including related production facilities in the Netherlands. ALK’s veterinary business specializes in the development, manufacturing and marketing of immunotherapy products for veterinary use. The transaction will be effective as of December 30, 2015, the company said in a statement.
The sale is expected to boost ALK’s full-year outlook on free cash flow by 40-50 million Danish kroner ($5.8-7.3 million). The divestment does not materially impact ALK’s full-year forecast for revenue and earnings before interest, tax, depreciation and amortisation (EBITDA) before special items. The net gain on the sale will be recognised as special items in the profit and loss statement.
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