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Last Updated : Nov 23, 2015 01:33 PM IST | Source: Moneycontrol.com

SeQuent Scientific up 7%, arm Alivira to buy Turkey company

"Subsidiary Alivira Animal Health will acquire Topkim llac Premiks San ve Tic AS of Turkey. Acquisition will be made through Provet Veterinary Products, a subsidiary of Alivira," the company said in its filing.

 
 
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Shares of SeQuent Scientific rallied 6.6 percent intraday Monday on acquisition of Turkey-based company by its subsidiary.


"Subsidiary Alivira Animal Health will acquire Topkim llac Premiks San ve Tic AS of Turkey. Acquisition will be made through Provet Veterinary Products, a subsidiary of Alivira," the company said in its filing.

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The transaction is valued at an enterprise value of 20.7 million Lira (around USD 7 million), it added.


With this acquisition, the company expects to double Alivira's veterinary business in Turkey with more than 10 percent market share.


Topkim registered sales of 21.8 million Lira with EBITDA of 2.6 million Lira in FY14.


"We recently double our business in India and this acquisition now makes the company largest animal health player in Turkey," Manish Gupta, Managing Director, Alivira said.


The transaction is expected to close in third quarter of FY16.


At 12:54 hours IST, the scrip of Sequent Scientific was quoting at Rs 957.50, up Rs 51, or 5.63 percent on the BSE.

Posted by Sunil Shankar Matkar



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First Published on Nov 23, 2015 01:33 pm
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