Deal Diary

Welcome to Acquisition International’s Deal Diary, the place where we showcase exciting deals from across the globe. With each diary entry, we’ll be taking a comprehensive look at the inner workings of the deal in question and will be venturing behind the scenes to take a look at the dedicated professionals involved in ensuring its success.

Here you will discover the most active deal makers and a comprehensive catalogue of the transactions they have been involved with.

Tier 1: The Website - Go live worldwide within 24 hours!

Within 24 hours of booking, we'll upload your deal and company profile - including contact details and links to your homepage - right here on our site, putting you and your firm in front of
40,000 visitors every month!

You will, of course, get a full company bio, including your contact details and fully clickable links direct to your website, and to make sure the people who matter will be able to find every deal you and your firm have been involved in at the click of a button, all of the deals posted on the Deal Diary site are incredibly easy to search by firm name, individual name, sector or region. We even have an automatically updated deal leaderboard (right). 

Tier 2: The Newsletter - Direct to 108,000 subscribers!

Your involvement in the deal will be featured on our weekly Deal Round-Up newsletter,  published via email every Thursday to a global audience of  108,000. Your deal write-up will also include hyperlinked images and logos, taking readers straight to your homepage. That’s a potential 108,000 clicks every month!

Tier 3: The Publication - Sent to 108,000 people in 170 countries!

The deal and your involvement will appear in the Deal Diary section of our monthly magazine, distributed to 108,000 people in 170 countries around the world. This is where you can tell us all about the deal and how you made it happen, providing the perfect opportunity to shout about your firm’s experience, expertise and the great work you’ve been doing.

GO

King & Wood Mallesons Advise Parquest's Acquisition of Clinique du Souffle
July 30, 2015
Insight acquisition of a stake in Fenergo
July 23, 2015
Emisys acquisition of minoriry stake in Club Del Sole
July 23, 2015
Initiative & Finance Acquisition of Minority Stake in FAK
July 23, 2015
Siemens Acquisition of Magazino from HTGF
July 23, 2015
Spice Private Equity & Helios Investment Partners acquire Africa Oil Corporation.
July 23, 2015
Altor & Goldman Sachs Merchant Banking Division Acquires Majority stake in Hamlet Protein.
July 22, 2015
Alternative Assets No Longer Considered Alternative
July 22, 2015
Finansinvest Enhances operations with SunGard’s Front Arena for Trading and Risk Management
July 22, 2015
DLA Piper Advise Olayan's and Mandarin Oriental's Acquirers of Ritz Hotel (€130 million)
July 16, 2015
Sorainen Advises Graanul Invest's acquisition of SIA Latgran
July 16, 2015
Fried Frank Harris Shriver & Jacobson LLP Advise Hormel Foods's acquisition of Applegate (Hormel’s l
July 15, 2015
Landis Rath & Cobb LLP Advise Centre Lane's acquisition of Saladworks ($16.9 million)
July 15, 2015
DZP Advise Wielton's Acquisition of shares in Fruehauf Expansion ($10.6 million)
July 15, 2015
WKB Advise Aviva During Acquisition of Expander Advisors
July 15, 2015
Schulte Roth & Zabel LLP Advise Orchard Brands During Capmark's Acquisition ($410 million)
July 15, 2015
Sullivan & Cromwell Advise CVS Health's Purchase of Omnicare
July 8, 2015
SGP Rechtsanwälte Advise Pyrolyx's Purchase of Carbon Clean Tech Stegelitz
July 8, 2015

Sullivan & Cromwell Advise CVS Health's Purchase of Omnicare

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CVS Health Corporation and Omnicare, Inc. announced today that they have entered into a definitive agreement for CVS Health to acquire Omnicare, the leading provider of pharmacy services to long term care facilities, for $98.00 per share in cash, for a total enterprise value of approximately $12.7 billion, which includes approximately $2.3 billion in debt. In total, Omnicare has approximately 13,000 employees at 160 locations in 47 states across the U.S.

With the acquisition of Omnicare, CVS Health will significantly expand its ability to dispense prescriptions in assisted living and long term care facilities, serving the senior patient population. CVS Health will also expand its presence in the rapidly growing specialty pharmacy business. Omnicare's complementary specialty pharmacy platform and clinical expertise will augment CVS Health's capabilities and enable CVS Health to continue to provide innovative and cost-effective solutions to patients and payors.

The boards of directors of both companies have approved the transaction, which is subject to approval by the holders of Omnicare's common stock, as well as other customary closing conditions, including applicable regulatory approvals. The transaction is expected to close near the end of 2015.

CVS Health expects to achieve significant purchasing and revenue synergies as well as operating efficiencies from this combination. The company expects the transaction to be approximately 20 cents accretive to Adjusted EPS in 2016, its first full year, excluding integration and any one-time transaction costs. It is expected to become increasingly accretive to Adjusted EPS in subsequent years. The company has secured $13 billion in fully committed unsecured bridge financing from Barclays and expects to put in place permanent financing in the form of senior notes and/or term loans prior to the closing of the transaction. CVS Health expects that it will continue to have a solid balance sheet and, with its strong free cash flow, is committed to returning to its targeted leverage ratio of 2.7 times adjusted debt-to-EBITDA.

"The acquisition of Omnicare significantly expands our business, providing CVS Health access into a new pharmacy dispensing channel," said CVS Health President and CEO Larry Merlo. "It also creates new opportunities for us to extend our high-quality, innovative pharmacy programs to a broader population of seniors and chronic care patients as they transition across the care continuum. We have been impressed by the Omnicare team and what they have created for the patients they serve."

"We are pleased to have reached this agreement with CVS Health, one of the leading companies in the health care industry, which we believe will allow us to accelerate our mission of enhancing the quality and cost-effectiveness of care for complex patient populations," said Omnicare President and CEO Nitin Sahney. "This exciting combination is the result of a broad and thorough review of our strategic options. On behalf of the Omnicare team, I'd like to thank our 13,000 employees whose hard work and dedication has enabled Omnicare to become a recognized leader in pharmacy services."

Given the aging U.S. population, long term care is a growth segment of the health care system. More people are expected to use assisted living facilities and independent living communities in the coming decades, creating a substantial growth opportunity for those companies serving the health care needs of seniors.

In entering this new customer distribution channel, CVS Health will deliver meaningful benefits to consumers, patients, caregivers, and payors by providing highly coordinated clinical pharmacy care across multiple treatment settings from retail to long term care. CVS Health will help improve patient outcomes and provide enhanced continuity of care to patients and caregivers as they transition through the health care system.

CVS Health received investment banking and financial advice from Barclays and Evercore. The company was advised on transaction legal matters by Sullivan & Cromwell LLP and on antitrust matters by Dechert LLP.

BofA Merrill Lynch and Centerview Partners are serving as financial advisors to Omnicare. White & Case LLP is serving as Omnicare's legal counsel.

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