AVTR - Avantor buys Ritter GmbH and its affiliates for Euro890 million

Avantor (AVTR) inks an agreement to acquire privately-held Ritter GmbH and its affiliates in an all-cash transaction with an upfront equity purchase price of ~€890M.Ritter (Germany) is one of the fastest-growing manufacturer of high-quality robotic and liquid handling consumables, including conductive tips engineered to exacting standards.The Company to use available cash on hand and incremental term loans to fund the transaction.The Company expects that its adjusted net leverage ratio at closing will ~4.1x net debt to pro forma LTM adjusted EBITDA, with rapid deleveraging after that.The transaction is expected to be immediately accretive to adjusted EPS upon closure and is anticipated to enhance Avantor's revenue growth and margin profile.The transaction is expected to be completed in Q3'21, subject to necessary approvals.

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Avantor buys Ritter GmbH and its affiliates for €890 million