Cipla Limited is in preliminary discussions and have made an indicative proposal of acquiring approximately a 51% stake in Cipla Medpro South Africa Limited for a total consideration of $220 Mn.
The acquisition will help Cipla to integrate the marketing arm in South Africa with its manufacturing, regulatory and research units.
Johannesburg listed Cipla Medpro is a distributor Cipla Ltd.’s products in South Africa and in some neighboring countries.
Cipla Limited currently does not hold any stake in Cipla Medpro. Medpro used to source 80% of its products from Cipla, and the companies agreed Medpro would use the brand name of Cipla for selling products in Africa.
Oxigen Services, a payment solutions provider is looking to raise $200 Mn from private equity investors, strategic investors and development financial institutions and is expecting to close the deal of $50 Mn as part of the first tranche by the end of this year.