Grifols sells 20% share in Shanghai RAAS to Haier Group for $1.8 billion

MADRID :Spanish drug group Grifols said on Friday it had agreed to sell a 20 per cent stake in China’s Shanghai RAAS Blood Products for approximately $1.8 billion to Chinese home appliance company Haier Group Corporation.

Grifols, which produces drugs made out of blood plasma, had announced in June it was looking to sell the stake for about $1.5 billion.

Grifols shares were up 6.8 per cent quickly after the sale’s announcement.

Grifols will keep a 6.58 per cent stake in Shanghai RAAS. The company said it plans to use the proceeds of the sale to reduce its debt.

Haier Group, based in the Chinese city of Qingdao, will take control of Shanghai RAAS after the deal and holds voting right representing 26.58 per cent of the company’s stake, Shanghai RAAS said in the separate statement.

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