Proposed sale of stake in ConvaTec to Novo A/S
Nordic Capital and Avista have today agreed the sale of a 19.95% shareholding in UK-based ConvaTec Group to Novo A/S, a private limited liability company wholly-owned by the Novo Nordisk Foundation.
The sale will comprise 389.3 million shares and will be completed at a price of 260 pence per share for a total of £975.0 million (1.21 billion).
As a result of the sale, Novo A/S will obtain the right to appoint one director to the board of directors of ConvaTec, to replace one of the existing shareholder nominated directors, pursuant to the relationship agreement between Nordic Capital, Avista and ConvaTec. Novo A/S has nominated Kasim Kutay, the chief executive of Novo A/S, for appointment to the board of ConvaTec with effect from completion of the sale. Mr Kutay's appointment has been approved by the nomination committee and board of ConvaTec. At least one Nordic Capital or Avista nominated director will resign from the ConvaTec board on completion of the sale.
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