Poly Medicure to acquire 90 pc stake in PendraCare Group for Rs 188.5 cr

New Delhi, Sep 3 (PTI) Medical device maker Poly Medicure Ltd on Wednesday said it will acquire 90 per cent stake in the Netherlands-based PendraCare Group from Wellinq Holdings B.V. at an enterprise value of Rs 188.5 crore (18.3 million euros).

The company has signed definitive agreements to acquire the stake in PendraCare Group consisting of PendraCare Holdings and Wellinq Medical from Wellinq Holdings BV, Poly Medicure said in a statement.

The balance 10 per cent stake will be acquired in 2030 on the basis of actual EBITDA for calendar year 2029, it added.

The existing management of PendraCare will continue to lead the business and Sander Hartman, who will continue to hold 10 per cent non-voting shares in the group, will remain as the CEO.

PendraCare Group develops, manufactures and sells innovative cardiology catheter solutions and provides design, development and manufacturing services to other global OEMs.

"This move brings us a valuable, 'made-in-Europe' cardiology consumables business with FDA and CE-marked products and long-term relationships with global OEMs. By combining Pendracare Group's European presence and customer relationships with Polymed's strong engineering, R&D, manufacturing and distribution capabilities, we believe we will deliver significant synergies for the combined business," Poly Medicure Managing Director, Himanshu Baid, said.

Most importantly, he added, "It deepens our presence in Europe -- a key market for Polymed." The acquisition provides Polymed with an opportunity to scale its cardiology business globally with immediate access to world's most regulated markets of Europe and the US, the company said.

It has the potential to generate 3-4 million euro of annual synergies in next 3-4 years, it added. PTI RKL TRB