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Laxman Pai, Opalesque Asia: EQT AB, Europe's largest private equity house and investment company of billionaire Wallenberg family, is buying Dutch venture capital firm Life Sciences Partners (LSP) as it seeks to further diversify its offering to investors.
EQT, with EUR 70 billion in assets under management, will pay as much as 475 million euros ($551 million) for the Amsterdam-based venture capital firm.
The deal, which is expected to close in the first quarter of 2022 subject to customary and regulatory approvals, will boost Stockholm-based EQT's venture capital assets under management by adding €2.2 billion.
EQT AB will acquire 100 percent of the LSP management company and 20 percent of the right to carry interest in select LSP funds. In addition, EQT AB will be entitled to 35 percent of the carried interest of future funds, which is in line with existing EQT policies.
Over the past two decades, LSP has invested in over 150 life sciences companies, generated strong returns, and built a top-performing life sciences franchise. As part of EQT, the LSP team will be able to continue to operate in the same successful manner as they have been operating over the past two decades. The entire LSP team, including all partners and employees, will join EQT.
LSP is expected to generate approximately EUR 37 million in revenues and approximately EUR 24 million in EBITDA (excluding carried interest) during 2021. The proposed consideration is expected to equate ...................... To view our full article Click here
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