Air Liquide is pursuing the development of its activities in the home healthcare sector and announces the beginning of exclusive negotiations with a view to acquiring 70.49% of LVL Médical Groupe SA’s (LVL Médical) share capital from the controlling shareholders at a price of €30.89 per share. This transaction, once finalized, would enable Air Liquide to gain control of LVL Médical’s French activities, for an enterprise value* of €316 million.
This acquisition of a controlling stake in LVL Médical will be followed by a simplified public tender offer (and, possibly, by a compulsory squeeze-out) on the remaining LVL Médical share and subscription warrants**, in accordance with applicable rules. Prior to the acquisition by Air Liquide, LVL Médical’s German activities will be acquired by the Lavorel Family, the majority shareholder.
LVL Médical is an historical player in the home healthcare sector, with 50,000 patients served at home in France. The company employs 750 people in France and its 2011 sales in France amounted to €104 million.
Air Liquide intends to pursue LVL Médical’s development by favouring the continuity of the company’s management, led by Mr Jean-Claude Lavorel, and by relying upon the expertise and commitment of its teams.
Pascal Vinet, Vice President, Healthcare Global Operations and member of the Group Executive Committee, declared: “LVL Médical is one of the key players in home healthcare in France, recognized for its expertise, the professionalism of its teams and its service quality. Our know-how combined with that of LVL Médical, and our capacity for innovation, will enable LVL Médical to pursue its development. This acquisition is in line with Air Liquide’s external growth strategy in healthcare. Health is one of the growth drivers of the Group.”
Air Liquide and LVL Médical will launch an information and consultation process with their respective relevant employee representatives. The acquisition of the control of LVL Médical by Air Liquide is subject to approval by the French competition authority. The transaction should be completed during Q4 2012.
* Enterprise value after the divesture of LVL Médical German activities
** Subscription warrants or BSAAR: redeemable warrants to subscribe or purchase shares
Air Liquide’s Healthcare World Business Line serves over 6,000 hospitals and 700,000 patients at home throughout the world. It provides medical gases, home healthcare services, hygiene products and medical equipment.
With 9,300 employees, the Group’s Healthcare business line published €2,076 million in revenues in 2011. In 2012, SEPPIC (specialty ingredients) integrated the Healthcare activity.
Air Liquide, European leader and 3rd worldwide in home healthcare, provides home healthcare services in compliance with medical prescription for patients suffering from chronic illnesses such as COPD (Chronic Obstructive Pulmonary Disease), sleep apnea and diabetes. These home healthcare services are being developed in addition to hospital care, enabling patients to enjoy better quality of life and local authorities to reduce costs.
Home Healthcare represents 45% of Air Liquide’s total 2011 Healthcare revenue.
For any further information, contact us:
Air Liquide (Head Office)
75, Quai d'Orsay - 75 321 Paris
Tel + 33 (0)1 40 62 55 55
Director External Relations
Tel + 33 (0) 1 40 62 51 31
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