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
Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.