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
News and Rumors PR: LatAm Logistic Properties, which has a pending combination with two (NYSE:TWOA), has secured a new $43 million 10-year lease for one of its properties in Peru. two is set to hold its completion vote on the deal March 25. TechCrunch: EV-maker Fisker (NYSE:FSR) has begun a six-week production pause as it...
At the SPAC of Dawn Much of the action around SPAC votes this week is back-loaded towards Friday. Monday through Wednesday will see four extension votes and one completion vote, while Thursday and Friday is set to host three of each. The headliner of these completion votes is of course Digital World‘s (NASDAQ:DWAC) long-awaited special...
Terms Tracker for the Week Ending March 15, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Maybe it’s the weather, but there was a perceptible change this week in the air. That’s not to say that we should expect a big...
Deals and Amendments Keyarch (NASDAQ:KYCH) has tweaked the earnout provision of its combination with EV charging firm ZOOZ Power. Under the new terms, ZOOZ shareholders will still receive 1,000,000 shares if it achieves $10 million or more in gross revenue for any four quarters within five or if its shares hit a VWAP of $12....
In the current market conditions, SPACs looking for a target have to thread multiple needles at once. Many in the market now – particularly of the 2021 vintage – set out with teams experienced in high-growth technology sectors, but a risk-off market spooked by inflation has expressed itself in an appetite for more “sure things.”...