PROC - Procaps Group does not expect Somar deal to close in 2022
- Healthcare company Procaps Group ( NASDAQ: PROC ) said it does not expect the proposed acquisition of Grupo Somar to close in 2022.
- PROC had announced the acquisition of the Mexican pharmaceutical company in May, and had said the deal was expected to close in Q4.
- The sellers had informed the company that a condition to the closing would not be satisfied. A court in Mexico City issued an Embargo Precautorio affecting certain shares of Somar in connection with a pending dispute.
- The timing for resolution of the Embargo is said to be unclear.
- PROC said the Embargo could result in further delays or prevent closing of the deal.
- Source: Press Release
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Procaps Group does not expect Somar deal to close in 2022