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LONDON - Creo Medical (TASE:PMCN) Group plc (AIM: CREO), a medical device company specializing in minimally invasive surgical endoscopy, has completed the sale of a 51% interest in its European subsidiary, Creo Medical S.L.U., to Micro-Tech (Nanjing) Co. Ltd (SHA: 688029), a leading medical device manufacturer. The transaction, which was first announced on September 18, 2024, concluded with the shares placed in escrow and the company anticipating net cash proceeds of approximately €30 million.
The sale to Micro-Tech (NL) International B.V., a fully owned subsidiary of Micro-Tech, values the 51% stake in Creo Europe at an equity value of €72 million, on a cash-free, debt-free basis. The completion of the deal was subject to several regulatory clearances, including Outbound Direct Investment clearance from China and Foreign Direct Investment clearances from Spain, France, Belgium, and Germany, all of which have been successfully obtained.
Creo Medical Group plans to use the proceeds from the sale to reinforce its balance sheet and continue investing in the growth of its core Creo and Kamaptive businesses. The funds are expected to support the company’s commercial and operational objectives. An update is anticipated once the net proceeds are received.
This strategic partnership and partial divestiture mark a pivotal step for Creo Medical Group as it navigates the competitive landscape of medical device innovation and commercialization. The successful completion of the sale represents a significant financial milestone for the company, potentially enhancing its ability to invest in technology and expand its market presence.
The information provided in this article is based on a press release statement issued by Creo Medical Group plc.
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