Deal will value Europe’s largest medical petcare company at €12.3bn and see EQT end plans for London listing

Silver Lake and Nestlé are leading a €3.5bn investment into IVC Evidensia, Europe’s biggest vets group, in a move that will result in the private equity firm EQT abandoning plans to list the business on the London market.

The deal values the company at €12.3bn. EQT will remain its largest shareholder, the latest example of a private equity firm effectively selling a business to itself.

“The totality of this new partnership is exciting and we look forward to together building a digital ecosystem around IVC,” Stephen Clarke, chief executive of IVC Evidensia, said in a statement.

Under the deal, the EQT fund that previously invested in IVC, a €6.75bn pool raised in 2015, will sell the majority of its stake in the company and the buyout group’s most recent €14.75bn private equity fund will buy in, making the two funds jointly the largest shareholder.

Read more at: Financial Times

By Kaye Wiggins and Judith Evans

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