Sorin Group (MIL:SRN) (Reuters code: SORN.MI) announced today that it has received a binding offer for the acquisition of its Vascular Therapy Business. The offer has been received from Italian investment fund Investimenti e Partecipazioni S.p.A. ("˜I.P.´).
Closing of the transaction is subject to completion of regulatory procedures involving employee representatives of the vascular therapy business in Italy and in France. Upon the conclusion of that process, and approval by the Board of Directors of Sorin S.p.A. the company will provide full financial information resulting from the transaction.
I.P. would - upon completion of the transaction – become the new owner of the entire Sorin coronary vascular therapy business worldwide, including its unique intellectual property portfolio.
"We believe this transaction will offer a significant opportunity for our vascular therapy business to further develop and to exploit its full potential for the benefit of our employees, the patients and the physicians who have demonstrated their continuous support to this innovative technology. The completion of this transaction will allow Sorin Group to better focus on the global expansion of its three leading core cardiovascular franchises," said André–Michel Ballester, C.E.O. of Sorin Group.
About the Sorin Group
The Sorin Group (www.sorin.com), a world leader in the development of medical technologies for cardiac surgery, offers innovative therapies for cardiac rhythm dysfunctions, interventional cardiology, and the treatment of chronic kidney diseases. At the Sorin Group, more than 4,000 employees work to serve over 5,000 public and private treatment centers. Every year, over 1 million patients are treated with the devices of Sorin Group in more than 80 countries.
For more information, please visit: www.sorin.com
CID Investimenti Srl is an investment consortium led by IP Investimenti e Partecipazioni SpA, an independent private equity firm.
About IP Investimenti e Partecipazioni S.p.A.
IP Investimenti e Partecipazioni SpA (IP SpA) is a private and independent investment company that operates on a national and international scale.
The company, which is based in Turin, was founded in 1994 under the name "Iniziativa Piemonte SpA" by Gustavo Denegri and Gian Alberto Saporiti.
The shareholdings of IP SpA have been wholly owned by the Denegri family since 2004.
The company mainly operates in the private equity sector, investing in majority or qualified minority shareholdings in industrial and commercial enterprises that are leaders in their sector or which show outstanding development potential. IP SpA provides operational support for the management of companies in which it owns shareholdings.
IP SpA is the main shareholder of DiaSorin (www.diasorin.com), an international player in the market for in vitro diagnostics that develops, produces and markets reagent kits for clinical laboratory diagnostics.
For more information, please visit: www.ipspa.it
