Wesfarmers Limited (via Australian Pharmaceutical Industries) → SILK Laser Australia Limited

completed

Deal announced2023-05-23

BuyerWesfarmers Limited (via Australian Pharmaceutical Industries)

SellerSILK Laser Australia Limited

SectorAesthetic/Laser Clinics

ValueA$180.0M

Deal typeM&A

SILK Laser Australia was the subject of a competing-bid contest: Hong Kong-listed EC Healthcare lobbed a superior A$3.35/share (~A$180m) offer in May 2023 to top an earlier proposal from Wesfarmers' Australian Pharmaceutical Industries (API). API ultimately returned with a matching/superior scheme, and completed 100% acquisition of SILK via scheme of arrangement on 29 November 2023.

Why the buyer wanted it

API (owner of Priceline) wanted SILK's national aesthetic and laser clinic network to expand into cosmetic/aesthetic services adjacent to its pharmacy and beauty retail base.

Why the seller agreed

SILK's board and major shareholders (including Wilson Asset Management) accepted the highest value on offer after a competitive process between API and EC Healthcare pushed the price up from an initial ~A$169m proposal.

Stock reaction

SILK shares traded up through the competing-bid process as successive higher offers emerged.

Deal mechanics

Deal structure

Scheme of arrangement, all-cash at A$3.35/share

Comparable deals in Aesthetic/Laser Clinics

SILK Laser Australia Limited → Australian Skin Clinics and The Cosmetic Clinic (NZ) 2021-06-18 · A$52.0M

Wesfarmers Limited (via Australian Pharmaceutical Industries) → SILK Laser Australia Limited

Deal mechanics

Comparable deals in Aesthetic/Laser Clinics

Learn more