Sequent Scientific enters into agreement to acquire 40% share in Provet

The company wants to consolidate shareholding in Provet Veteriner Urunleri San. Ve Tic. A. S., Turkey and to make Provet a wholly owned subsidiary of the company.

Sep 23, 2020 02:09 IST India Infoline News Service

Sequent Scientific Limited has entered into a definitive agreement with Huseyin Aydin for the acquisition of 40% stake from him in Provet Veteriner Urunleri San. Ve Tic. A. S., Turkey. The said transaction worth USD 1,71,02,658mn is expected to be completed on or before October 31, 2020.

The company had announced on August 12, 2020 on the proposed acquisition of a minority stake of 40% in Provet through Alivira Animal Health Limited, Ireland, wholly owned subsidiary of the company. Later on September 18, 2020 it intimated the stock exchanges about receipt of Shareholders approval for the proposed acquisition.

Provet is amongst the top three and the largest local company in the veterinary medicines market in Turkey having market share of
~10%.

The company through its wholly owned subsidiary Alivira Animal Health Limited, Ireland currently holds 60% stake in Provet which was acquired in the year 2014.

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