Business

Piramal Enterprises Divests DRG Business For $950 Million

Piramal Enterprises Divests DRG Business For $950 Million
Mumbai:

Piramal Enterprises has divested its Decision Resources Group (DRG) business to Clarivate Analytics for $950 million.

According to the company, DRG is a high-value data, analytics and insights business which specialises in enabling pharma, biotech and medical technology companies to achieve commercial success in complex health markets with the creation of effective patient-centric commercial strategies.

"Piramal Enterprises Limited today announced that PEL DRG Dutch HoldCo BV, a 100 per cent subsidiary of PEL and the holding company for DRG... has signed a definitive agreement for the sale of DRG to Clarivate Analytics plc, a global leader in providing trusted insights and analytics, for a sale consideration of US$950 million," the company said in a statement on Friday.

"This transaction is subject to shareholder approval and is expected to be completed by end February 2020," the company added.

According to the statement, PEL had initially invested $650 million in 2012 to acquire DRG, out of which $260 million was infused as equity.

"It has realized 2.3x its initial equity investment in INR terms," the statement said, adding, "Along with the ongoing equity capital raise in PEL, this transaction not only further strengthens the company's balance sheet but also marks another step towards significantly unlocking value in future."

(This story has not been edited by staff and is auto-generated from a syndicated feed.)