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News Alert: Constellation Alpha Capital Corp. to Acquire Medall Healthcare Private Limited

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News Alert: Constellation Alpha Capital Corp. to Acquire Medall Healthcare Private Limited

Aug 3, 2018 INTEL by Kristi Marvin

Acquiring at an Enterprise Value of INR 14.5 billion (approximately US $212 million)

Constellation Alpha Capital Corp., a SPAC focused on the healthcare services sector in India, announced late Thursday evening that it has executed a definitive agreement to acquire Medall Healthcare Private Limited (“Medall”), a leading integrated pathology and radiology company located in India. Constellation Alpha is acquiring Medall at an enterprise value of INR 14.5 billion (approximately US $212 million based on an assumed USD/INR exchange rate of US $1.00 to INR 68.4).

Constellation is expected to be the only India-focused healthcare services company to be publicly listed outside of India.

Full details of the transaction have not yet been filed (only a press release), however, Constellation will host an investor conference call to discuss the transaction on August 3, 2018 at 1:00 p.m. EDT.

  • Dial: 1-877-870-4263 toll free in the U.S. or 1-412-317-0790 internationally.
  • A replay of the call will be available beginning August 6, 2018 on Constellation’s website at www.ConstellationAlpha.com/ir.

TRANSACTION DETAILS

  • Constellation Health Holdings (“Holdco”), a wholly owned Singapore subsidiary of Constellation, will acquire 93% of the outstanding shares of Medall at the closing for approximately US$166 million in cash (based on an assumed USD/INR exchange rate of US$1.00 to INR 68.4).
    • The remainder of the outstanding shares of Medall to be acquired on June 30, 2019.
  • The transaction will be funded by a combination of cash held in trust by Constellation and new indebtedness.
  • Constellation will be renamed Constellation Healthcare Corp. and is anticipated to trade on the NASDAQ Capital Market under the ticker symbol “COHC”.
  • The transaction is expected to close in the fourth quarter of 2018.

ADVISORS

  • Constellation was advised on the transaction by Cowen and Company and Edelweiss Financial Services Limited
  • Medall is advised by Moelis & Co.
  • Greenberg Traurig, LLP and Khaitan and Co acted as legal counsel to Constellation
  • Luthra & Luthra acted as legal counsel to Medall

 

ByKristi Marvin