Cinven Said to Buy Synlab From BC Partners for $1.9 BillionKiel Porter and Manuel Baigorri
Buyout firm Cinven agreed to acquire German laboratory operator Synlab for about 1.7 billion euros ($1.9 billion), according to two people with knowledge of the matter.
Cinven outbid buyout rivals including Carlyle Group and EQT Corp. for Synlab, whose shareholders include private-equity firm BC Partners, the people said, asking not to be identified because the deal hasn’t been announced.
The acquisition of Synlab will allow Cinven to expand its labs business after it acquired French medical diagnostics company Labco SA last month for an enterprise value of 1.2 billion euros.
BC Partners invested in Synlab in 2009 in a transaction valued at 618 million euros, according to the buyout firm’s website. Synlab, based in Augsburg, Germany, also runs labs in 22 other European countries as well as Turkey, Saudi Arabia and the United Arab Emirates.
The buyout firm was advised on the sale by Rothschild and JPMorgan Chase & Co.
Reuters reported earlier that Cinven had bought Synlab.
Representatives for Cinven, BC Partners and the banks declined to comment.
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