The boss of healthcare distributor Ebos Group hopes its billion-dollar acquisition of Australian business Symbion will give it the mass to set up a super distribution centre in Auckland.
NZX-listed Ebos, which distributes well-known brands including Deep Heat and Anti-Flamme to pharmacies and Eukanuba pet food, yesterday revealed it had reached an agreement to buy the business from Swiss family-owned Zuellig Group for $1.1 billion.
The deal will see Zuellig take a 40 per cent stake in Ebos with a further $367 million raised from institutional investors, a seven for 20 pro-rata entitlement to existing shareholders and an increase in debt.
The takeover is expected to propel Ebos up the stock market ranks to the 20th largest listed company on the NZX by free-float market capitalisation. It was previously around 28th.
Ebos managing director Mark Waller described the acquisition as a "very big deal by any stretch" and said it would combine two market leaders from both sides of the Tasman into one company.