Oaktree Acquisition Corp. II will merge with Alvotech Holdings, a global biopharmaceutical company, to take the company public in the United States. The deal values the combined company at about $2.25 billion, including debt.
Alvotech will get gross proceeds in excess of $450 million, including a $150 million equity placement led by investors such as New York-based Suvretta Capital Management, Luxembourg-based CVC Capital Partners and Singapore-based Temasek Holdings Ltd. It also includes $250 million in cash from Oaktree Acquisition’s trust account and a $50 million equity commitment from existing shareholders, assuming no redemptions.
In March 2019, Oaktree Capital sold a 62% stake valued at $4.7 billion in its global asset management firm to Brookfield Asset Management Inc., a Toronto-based alternative asset management company.
Read more/Source: LA Business Journal
