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Wesfarmers Announces Completion of API Acquisition

31 Mar 2022  |  15:11:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Completion of API acquisition

Wesfarmers announced the implementation of the Scheme of Arrangement ("Scheme") under which WFM Investments Pty, a wholly-owned subsidiary of the Company, has acquired 100 per cent of the shares in Australian Pharmaceutical Industries (API). The Scheme Consideration of $1.50 per share paid to API shareholders on 31 March 2022, brings the total cash consideration to $1.55 per share, including $0.05 per share in dividends paid to API shareholders since the announcement of the Scheme. The initial capital employed for the Company's Health division is expected to be $1,025m, reflecting the total cash consideration of $774m paid to API shareholders plus the estimated funding requirement for API's net debt and associated working capital balance.

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