Aurum Medical (01789.HK) to Acquire 100% Equity of Beijing Libeier Bio-Engineering Institute for USD 40.2 Million

Original Title: AK Medical (01789.HK) Plans to Acquire 100% Equity Interest in Beijing Libeier Bio-engineering Institute Co., Ltd. for $40.2 Million Source: Gelonghui

Gelonghui, April 6 | AK Medical (01789.HK) announced that on April 6, 2020, its indirect wholly-owned subsidiary, AK Medical International Limited, as the buyer, entered into a share purchase agreement with Medtronic Kanghui Holdings (China) Company. Pursuant to the agreement, the seller agreed to sell the entire equity interest in Beijing Libeier Bio-engineering Institute Co., Ltd. for a total consideration of USD 40.2 million (subject to adjustment), payable in cash.

The target company, Beijing Libeier Bio-engineering Institute Co., Ltd., is a limited liability company established under the laws of China, wholly owned by the Seller, and engaged in the production, sales, and research of orthopedic implants and surgical instruments in China.

The announcement stated that the target company is a Chinese orthopedic enterprise with a established history and brand recognition, possessing specialized expertise and technology in the design, development, and manufacturing of orthopedic implants and surgical instruments. The Board of Directors believes that becoming one of the leaders in China’s orthopedic sector is a long-term strategic goal of the Group. The acquisition of the target company aligns with this strategic objective and is expected to enhance the Group’s overall financial performance in the future.