Siemens Set to Raise €1.4 Billion in Healthineers Stake Sale
(Bloomberg) -- Siemens AG is likely to raise about €1.4 billion ($1.5 billion) from the sale of a roughly 2.3% stake in Siemens Healthineers AG, the medical technology unit it listed in 2018, after increasing the size of the deal.
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The German group increased the number of Healthineers shares offered to around 26.5 million from 22 million, and was expected to price them at €54.65 each, according to terms seen by Bloomberg. Demand exceeded the shares available by several times, the terms show.
The price would represent a discount of about 2.9% from the close on Wednesday of €56.28 each, according to Bloomberg calculations.
The sale comes after Siemens said last year it could sell shares in Siemens Healthineers to pay for its $10.6 billion acquisition of Altair Engineering Inc. The proceeds will go to fund general corporate purposes, according to the release. Siemens has also said it plans to sell a €2.5 billion stake in Siemens Energy AG to fund the Altair deal.
Barclays Plc, BNP Paribas SA and Morgan Stanley are arranging the deal, according to the terms.
Investors have raised $6.3 billion in Europe this year through overnight placings, with corporate shareholders leading the charge, according to data compiled by Bloomberg.
Pfizer Inc. sold a $3.1 billion stake in Sensodyne-maker Haleon Plc last month, just a day after Reinet Investments SCA exited its $1.5 billion stake in British American Tobacco Plc.
--With assistance from Wilfried Eckl-Dorna and Bre Bradham.
(Updates with price guidance, number of shares in first three paragraphs.)
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