The price to be paid of E48 million will be funded from existing liquidity. The closing of the transaction, expected to take place before the end of 2008, is subject to certain conditions, including clearance by the relevant competition authorities.
Giovanni Recordati, chairman and CEO of Recordati, said: “The acquisition of Yeni Ilac allows us to be present directly in a market with high growth rates, where, in addition, our products have already been present successfully for some time. We will therefore be able to realize significant synergies in this market from the start.
“The acquisition of Yeni Ilac represents a further step ahead in our strategy, which we confirm and intend to strengthen, to develop a direct presence of our group in the emerging markets of Central and Eastern Europe.”