BICO has entered into an agreement to divest Nanoscribe
BICO has entered into an agreement to divest Nanoscribe to LAB14 GmbH to an equity value of EUR 26m (SEK 294m). The transaction is expected to close during the fourth quarter 2024.
The rationale behind the divestment is in line with the updated strategy, BICO 2.0, where Nanoscribe has been concluded non-core due to its significant footprint outside life science.
“The divestment of Nanoscribe is a major step in delivering on our updated strategy which was launched during our Capital Markets Day in September. Nanoscribe is a profitable and stable business; however, it has its largest potential and customer base outside life science and therefore concluded as non-core for BICO going forward”, says Maria Forss, President and CEO, BICO Group AB.
Following net debt and working capital adjustments, the equity value amounts to EUR 26m (SEK 294m). Net proceeds, following transaction expenses, will be used to reduce long term debt.
The divestment is estimated to generate a capital gain of approximately 10 percent based on book value per Q3 2024. Final capital gain is subject to timing of closing of the transaction and FX movements. Nanoscribe revenue LTM September 2024 amounted to SEK 230m and the adjusted EBITDA margin to 12 percent according to IFRS. Final financial impact will be reported in the interim report for Q4 2024. In BICO’s financial reporting Nanoscribe will be treated as discontinued operations from Q4 2024.
BICO was advised by Bryan, Garnier & Co and Hengeler Mueller in this transaction.
BICO’s Q3 report 2024 will be released on November 26, 2024.