Acquiring at an Enterprise Value of INR 14.5 billion (approximately US $212 million)
Constellation Alpha Capital Corp., a SPAC focused on the healthcare services sector in India, announced late Thursday evening that it has executed a definitive agreement to acquire Medall Healthcare Private Limited (“Medall”), a leading integrated pathology and radiology company located in India. Constellation Alpha is acquiring Medall at an enterprise value of INR 14.5 billion (approximately US $212 million based on an assumed USD/INR exchange rate of US $1.00 to INR 68.4).
Constellation is expected to be the only India-focused healthcare services company to be publicly listed outside of India.
Full details of the transaction have not yet been filed (only a press release), however, Constellation will host an investor conference call to discuss the transaction on August 3, 2018 at 1:00 p.m. EDT.
- Dial: 1-877-870-4263 toll free in the U.S. or 1-412-317-0790 internationally.
- A replay of the call will be available beginning August 6, 2018 on Constellation’s website at www.ConstellationAlpha.com/ir.
TRANSACTION DETAILS
- Constellation Health Holdings (“Holdco”), a wholly owned Singapore subsidiary of Constellation, will acquire 93% of the outstanding shares of Medall at the closing for approximately US$166 million in cash (based on an assumed USD/INR exchange rate of US$1.00 to INR 68.4).
- The remainder of the outstanding shares of Medall to be acquired on June 30, 2019.
- The transaction will be funded by a combination of cash held in trust by Constellation and new indebtedness.
- Constellation will be renamed Constellation Healthcare Corp. and is anticipated to trade on the NASDAQ Capital Market under the ticker symbol “COHC”.
- The transaction is expected to close in the fourth quarter of 2018.
ADVISORS
- Constellation was advised on the transaction by Cowen and Company and Edelweiss Financial Services Limited
- Medall is advised by Moelis & Co.
- Greenberg Traurig, LLP and Khaitan and Co acted as legal counsel to Constellation
- Luthra & Luthra acted as legal counsel to Medall
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...