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Business Wire
3 hours ago
- Business
- Business Wire
Torrent Pharma to Acquire Controlling Stake in J. B. Chemicals & Pharmaceuticals from KKR
MUMBAI, India--(BUSINESS WIRE)--Torrent Pharmaceuticals Limited ('Torrent') and global investment firm KKR today announced that Torrent has entered into definitive agreements to acquire controlling stake in J. B. Chemicals and Pharmaceuticals ('JB Pharma') from KKR at an Equity Valuation of INR 25,689 crores (on fully diluted basis), followed by a merger of the two entities. The transaction marks a significant step in Torrent's ambition to create a future-ready, diversified healthcare platform combining a deep chronic segment heritage with emerging international CDMO capabilities. The transaction will be executed in 2 phases: Acquisition of 46.39% equity stake (on a fully diluted basis) through a Share Purchase Agreement ('SPA') at a consideration of INR 11,917 crores (INR 1,600 per share) followed by a mandatory open offer to acquire up to 26% of JB Pharma shares from public shareholders at an open offer price of INR 1,639.18 per share. In addition to the above, Torrent has also expressed its intent to acquire up to 2.80% of equity shares from certain employees of JB Pharma at the same price per share as KKR. Merger between Torrent and JB Pharma through a scheme of arrangement. As per the approval given by the Board of Directors of both companies, upon merger of JB Pharma with Torrent, every shareholder holding 100 shares in JB Pharma shall receive 51 shares of Torrent. Samir Mehta, Executive Chairman, Torrent, commented: 'We are pleased to have on board the JB Pharma heritage and build on the platform for the future. Torrent's deep India presence and JB Pharma's fast growing India business, combined with the CDMO and international footprint offers immense potential to scale both revenue and profitability. This strategic alignment furthers our goal of strengthening our presence in the Indian pharma market, and build a larger diversified global presence. Moreover, the CDMO platform provides a new long-term avenue of growth for Torrent.' Gaurav Trehan, Co-Head of Asia Pacific and Head of Asia Pacific Private Equity, KKR, and CEO of KKR India, said: 'JB Pharma's transformation under our stewardship is a testament to KKR's ability to scale high-quality companies. We are proud to have collaborated with JB Pharma's management team, led by Nikhil Chopra, to bring the breadth of KKR's global experience and operational expertise to support the company's organic and inorganic growth, and help JB Pharma become one of India's fastest growing branded pharmaceutical companies. We believe the company is well-positioned for continued growth ahead and wish the team every success in its next chapter with Torrent.' Nikhil Chopra, Chief Executive Officer and Whole Time Director of JB Pharma, remarked: 'Over the past five years, JB Pharma has emerged as one of India's fastest growing pharmaceutical players, owing to KKR's strategic guidance, stewardship of our independent directors and a focused strategic and executional excellence by the management team. We have built a strong foundation to deliver market-leading growth, as well as consistent improvement in profitability in the medium and long term. As we now enter a new chapter alongside Torrent Pharmaceuticals, we are confident that the combined strengths of our organizations will unlock greater opportunities to enhance healthcare access across our markets.' Strategic Rationale for Acquisition Acquisition provides access to a fast-growing India franchise, with leading brands in the chronic segment, and entry into untapped therapeutic areas like ophthalmology Strengthens market share in the IPM for Torrent Operational synergies across multiple business functions Platform diversification: entry into the CDMO segment with long-term potential Consolidation in key international markets and greater ability to scale up Transaction Structure & Approvals Torrent will acquire 46.39% stake (on a fully diluted basis) through an SPA and additional potential acquisition of up to 2.80%, aggregating to 49.19% which will trigger a mandatory open offer of 26.0% as per Regulation 3 and 4 of SEBI (SAST) Regulations followed by a merger through a Scheme. Both the SPA and Scheme are subject to standard requisite statutory and regulatory approvals, including from Securities and Exchange Board of India (SEBI), Stock Exchanges, the Competition Commission of India (CCI), National Company Law Tribunal (NCLT), and other approvals, as applicable. Advisors Moelis & Company and NovaOne acted as financial advisors for Torrent. Khaitan & Co. acted as legal counsel to Torrent. Ernst and Young Merchant Banking Services LLP (for Torrent) and BDO Valuation Advisory LLP (for JB Pharma) acted as independent registered valuers. Kotak Investment Banking and Rothschild & Co acted as financial advisors to KKR. Shardul Amarchand Mangaldas & Co acted as legal counsel to KKR and JB Pharma. Goldman Sachs (India) Securities Pvt. Ltd. acted as the financial advisor to JB Pharma. AZB & Partners acted as legal counsel to the Board of Directors of JB Pharma. Fairness opinion on the share exchange ratio recommended by the valuer was provided by Axis Capital Limited to the Board of Torrent and by ICICI Securities Limited to the Board of JB Pharma. About Torrent Torrent Pharma is a leading player in the Indian pharmaceutical sector, concentrating on the chronic and sub-chronic therapeutic segments. The Company has established itself as a leader in developing niche pharmaceutical solutions through its patient-centric innovation. It also has a strong global presence across Brazil, Germany, and the United States. About JB Pharma J.B. Pharma (BSE: 506943 | NSE: JBCHEPHARM | ISIN: INE572A01028), is one of the fastest growing pharmaceutical companies in India and a leading player in the hypertension segment. Besides its strong India presence, which accounts for majority of its revenue, its other two home markets are Russia and South Africa. In India, the company has six brands among the top 300 IPM brands in the country. The company exports its finished formulations to over 40 countries including the USA, and is also a leading CDMO player in the segment of medicated lozenges. It has eight state of the art manufacturing facilities in India including a dedicated manufacturing facility for lozenges. The manufacturing facilities are certified by leading regulators across the world. About KKR KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at
Time of India
5 hours ago
- Business
- Time of India
Torrent Pharma to buy controlling stake in JB Chemicals from KKR for Rs 25,689 crore
Torrent Pharmaceuticals , the flagship company of the Torrent Group, announced on Sunday that it will buy a controlling 46.39% stake in JB Chemicals and Pharmaceuticals from global investment firm KKR . The deal values JB Pharma at Rs 25,689 crore on a fully diluted basis. Moreover, after the acquisition, Torrent plans to merge JB Chemicals with itself. ET had reported of the likely move a day earlier on June 28. "The transaction marks a significant step in Torrent's ambition to create a future-ready, diversified healthcare platform combining a deep chronic segment heritage with emerging international CDMO capabilities ," said an official memo. According to Torrent, the transaction will be carried out in two phases. In the first phase, Torrent will purchase the 46.39% equity stake from KKR through a Share Purchase Agreement for Rs 11,917 crore, paying Rs 1,600 per share. This will be followed by a mandatory open offer to acquire up to 26% of JB Pharma's shares from public shareholders at Rs 1,639.18 per share. Live Events Additionally, the has expressed its intention to buy up to 2.80% of shares from certain employees at the same price as KKR. In the second phase, JB Pharma will be merged into Torrent Pharmaceuticals through a scheme of arrangement. As per the approved terms, shareholders holding 100 JB Pharma shares will receive 51 shares of Torrent. "Torrent's deep India presence and JB Pharma's fast growing India business, combined with the CDMO and international footprint offers immense potential to scale both revenue and profitability. This strategic alignment furthers our goal of strengthening our presence in the Indian pharma market, and build a larger diversified global presence. Moreover, the CDMO platform provides a new long-term avenue of growth for Torrent," said Samir Mehta Executive chairman, Torrent. Meanwhile, JB Pharma CEO Nikhil Chopra added that the company has built a strong foundation over the past five years and expressed confidence that joining Torrent will unlock new opportunities to enhance healthcare access across markets. Strategically, the deal gives Torrent access to JB Pharma's leading brands in the chronic segment and opens up untapped therapeutic areas like ophthalmology. It is also expected to create operational synergies, strengthen Torrent's market share in the Indian pharmaceutical market, and diversify its platform into contract development and manufacturing. However, the move is yet to get the necessary approvals from the Securities and Exchange Board of India (SEBI), stock exchanges, the Competition Commission of India (CCI), the National Company Law Tribunal (NCLT), and other relevant authorities.
Mint
3 days ago
- Business
- Mint
Akzo Nobel India share price jumps over 4% as firm to sell India business to JSW Paints
Akzo Nobel India share price in focus today: Shares of Akzo Nobel India popped up 4.2% in early trade on Friday, June 27, to reach ₹ 3,325 apiece after company promoters executed a Share Purchase Agreement to sell their entire shareholding in Akzo Nobel India to JSW Paints, Akzo Nobel said in its June 27 regulatory filing. As per the latest shareholding data, Akzo Nobel India's promoters held a 74.76% stake in Akzo Nobel India as of March quarter, and they are selling their entire stake to JSW Paints. Imperial Chemical Industries, which currently holds a 50.46% stake in Akzo Nobel India, is among the sellers. "Imperial Chemical Industries Limited and Akzo Nobel Coatings International B.V., the promoter entities of Akzo Nobel India Limited, have entered into a Share Purchase Agreement ("SPA") with JSW Paints Limited on June 27, 2025," Akzo Nobel said in its regulatory filing. Under the Share Purchase Agreement (SPA) dated June 27, 2025, Imperial Chemical Industries Limited has agreed to sell up to its entire shareholding of 22,977,544 equity shares, representing 50.46% of Akzo Nobel India's paid-up equity share capital. Similarly, has agreed to sell up to its entire holding of 11,066,791 equity shares, representing 24.30% of the company. JSW Paints has agreed to acquire all these shares from both sellers—referred to collectively as the 'Sale Shares'—as per the terms outlined in the SPA. The deal values Akzo Nobel shares at ₹ 2,762 apiece, which is a 16% discount to Akzo Nobel's price on Thursday. Following this acquisition, JSW Paints is expected to gain sole control of the company, resulting in a change in management and ownership of the listed entity. In accordance with SEBI regulations, JSW Paints will be required to make an open offer to public shareholders. Post-deal, JSW Paints may hold up to 75% of Akzo Nobel India's total shareholding.
India Gazette
3 days ago
- Business
- India Gazette
JSW paints signs definitive agreements to acquire AkzoNobel India
Mumbai (Maharashtra) [India], June 27 (ANI): JSW Paints Limited, on Friday, entered into definitive agreements to acquire up to 74.76 per cent stake in Akzo Nobel India Limited (ANIL) from Akzo Nobel NV and its affiliates, for a maximum consideration under the Share Purchase Agreement of up to Rs 8,986 crores, subject to certain closing adjustments (Proposed Transaction). The Proposed Transaction is subject to approval from the Competition Commission of India and the completion of a mandatory tender offer (Open Offer) to the public shareholders of ANIL. JSW Paints is India's fastest growing paints company and a part of the USD 23 billion JSW Group, India's leading conglomerate with diverse interests across a range of B2B and B2C sectors including steel, cement, energy infrastructure, automotives and paints. ANIL is one of India's leading decorative and industrial paints players and part of Akzo Nobel, a global leader in decorative paints and industrial coatings headquartered in the Netherlands. This transformative acquisition positions JSW Paints as one of the major players in the sector which is expected to see robust growth in the years ahead. Parth Jindal, Managing Director, JSW Paints, said, 'Paints & Coatings is one of India's fastest growing sectors and JSW Paints is amongst the fastest growing paint companies. Akzo Nobel India is home to some of the most globally renowned brands of paints & coatings like Dulux, International and Sikkens.' He added. 'We are excited to welcome them to the JSW family. Together, along with the Akzo Nobel India family - employees, customers and partners - we aspire to build the paint company of the future.' Greg Poux-Guillaume, CEO of AkzoNobel, said: 'This transaction is a significant milestone in the execution of our strategy. AkzoNobel India has been a consistently strong performer, and we are proud of the brand and talent that have made it a success. With JSW, we are confident the business is in the hands of a long-term partner with deep local expertise and strong ambitions in the sector.' Morgan Stanley acted as the exclusive financial advisor to JSW Paints on this transaction. Khaitan & Co. acted as the legal advisor. Deloitte acted as the financial and tax due diligence advisor. (ANI)
United News of India
3 days ago
- Business
- United News of India
JSW Paints to acquire Akzo Nobel India
Mumbai, June 27 (UNI) JSW Paints today said that the company has entered into definitive agreements to acquire up to a 74.76 pc stake in Akzo Nobel India Limited (ANIL) from Akzo Nobel N.V. and its affiliates for a maximum consideration under the Share Purchase Agreement of up to Rs 8,986 crore, subject to certain closing adjustments (Proposed Transaction). The proposed transaction is subject to approval from the Competition Commission of India and the completion of a mandatory tender offer (open offer) to the public shareholders of ANIL. This transformative acquisition positions JSW Paints as one of the major players in the sector, which is expected to see robust growth in the years ahead. Parth Jindal, Managing Director, JSW Paints, said, 'Paints & Coatings is one of India's fastest growing sectors, and JSW Paints is amongst the fastest growing paint companies. Akzo Nobel India is home to some of the most globally renowned brands of paints & coatings, like Dulux, International and Sikkens. We are excited to welcome them to the JSW family. Together, along with the Akzo Nobel India family – employees, customers and partners – we aspire to build the paint company of the future. With the Magic of Dulux and Thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders.' Greg Poux-Guillaume, CEO of AkzoNobel, said, 'This transaction is a significant milestone in the execution of our strategy. AkzoNobel India has been a consistently strong performer, and we are proud of the brand and talent that have made it a success. With JSW, we are confident the business is in the hands of a long-term partner with deep local expertise and strong ambitions in the sector.' Morgan Stanley acted as the exclusive financial advisor to JSW Paints on this transaction. Khaitan & Co. acted as the legal advisor. Deloitte acted as the financial and tax due diligence advisor. UNI JS ARN
