SINGAPORE (Yosefardi) – Cordlife Group Limited, a leading cord blood and tissue banking service provider, has entered into a conditional sale and purchase agreement with Cordlife Limited (CBB), a company listed on the Australian Securities Exchange, to acquire CBB’s cord blood and cord tissue banking businesses and assets in India, the Philippines, Hong Kong and Indonesia for an aggregate consideration of A$5.5 million.
The acquisition will enable Cordlife to enlarge its geographical footprint in Asia, and is in line with the Group’s stated intentions in its 21 March 2012 prospectus to expand its business operations overseas.
According to a 10 April 2013 report by Deloitte & Touche Financial Advisory Services Limited (the Deloitte report), the 2007 – 2011 Compound Annual Growth Rate of annual incremental storage units for private cord blood banks in these three countries are at 38% for Indonesia, and 35% for the Philippines and India.
The Group will also acquire the following assets from CBB’s indirect wholly-owned subsidiary, P.T. Cordlife Indonesia. (written by Ferdi Hasiman)