May 6, 2024

Grifols on track to close its strategic alliance with Haier in first half 2024

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  • Both companies have completed the customary domestic and overseas government approval procedures; deal being finalized to close in June
  • Through a share purchase agreement announced in December 2023, Grifols is selling a 20% equity stake in Shanghai RAAS (SRAAS) to Haier for RMB 12.5 billion (approximately USD 1.8 billion)
  • The transaction is still subject to the compliance confirmation to be issued by the Shenzhen Stock Exchange
  • Grifols and Haier will leverage their respective capabilities and work together to explore future business opportunities

Barcelona, Spain, May 6, 2024 - Grifols (MCE:GRF, MCE:GRF.P, NASDAQ:GRFS), a global healthcare company and leading manufacturer of plasma-derived medicines, today announced that its strategic alliance with Haier Group (Haier), first communicated in December 2023, has met all customary conditions and is being finalized to close in June.

Both companies have completed the customary domestic and overseas government approval procedures. On March 1, Grifols informed that the period contractually established by the two companies for the completion of the confirmatory due diligence by Haier had concluded satisfactorily.

Through a share purchase agreement, Grifols is selling a 20% equity stake in Shanghai RAAS (SRAAS) to Haier for RMB 12.5 billion (approximately USD 1.8 billion) cash consideration. The proceeds will be applied to reducing Grifols secured debt obligations due in 2025.

Before the share transfer registration procedure can be processed at China Securities Depository and Clearing Co., Ltd, the transaction is still subject to the compliance confirmation to be issued by the Shenzhen Stock Exchange.

Grifols retains a significant 6.58% economic stake in SRAAS as well as a seat on its Board of Directors. SRAAS’ 45% economic and 40% voting rights in Grifols Diagnostic Solutions (GDS), agreed to in 2020, stay the same.

As part of their agreement, Grifols and Haier will leverage their respective capabilities and work together to explore future business opportunities.

“Closing this strategic alliance with a global leader like Haier underscores the importance of China as a long-term growth market for Grifols,” said Thomas Glanzmann, Grifols Executive Chairman. “Getting this done in the first half of the year, as we said we would, is another example of Grifols delivering on its commitments.”

Grifols retained Osborne Clarke, S.L.P. and JunHe LLP. as legal advisors. Nomura Securities International, Inc. serves as the lead financial advisor to Grifols