Standard Bank Underwrites Aspens' Sigma Acquisition
Standard Bank has announced a large South African debt underwriting deal with the conclusion of Aspens’ A$900m acquisition of the Australian pharmaceutical business of Sigma.
Standard Bank was mandated lead arranger, debt advisor and underwriter of Aspen’s acquisition of Sigma’s pharmaceutical division, after the deal received approval from Sigma’s shareholders in Australia. The transaction price was A$900m, with Standard Bank underwriting A$800m of this facility.
Aspen is South Africa’s leading pharmaceutical company. It is a substantial player in emerging markets, supplying branded and generic pharmaceuticals in about 100 countries, as well as consumer and nutritional products in selected territories.
David Renwick, director and head of diversified lending and leverage at Standard Bank Corporate and Investment Banking, said: “[The deal’s] key attributes are that it demonstrates Standard Bank’s ability to support South African corporate clients in their expansion abroad, as well as a capability in handling cross-border deals. I believe our ability and willingness to provide large underwriting underlines Standard Bank’s commitment to Aspen as its client.”