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Elanco Wins EC Nod for Pending Acquisition of Bayer Animal Health.

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MANews-(C)2009-2020

The European Commission has granted approval of Indiana-based Elanco Animal Health Inc.'s (NYSE: ELAN) pending acquisition of Bayer AG's (ETR: BAYN) animal health business, the companies said.

Elanco said it continues to progress toward a mid-year closing, anticipated August 3, 2020.

Last August, Elanco Animal Health announced it had agreed to acquire the animal health business of Germany based Bayer AG (ETR: BAYN) in a transaction valued at USD 7.6bn.

Elanco will finance the transaction through both cash and equity. Bayer AG will receive USD 5.32bn in cash, subject to customary purchase price adjustments, and USD 2.28bn or approximately 68m Elanco Animal Health common shares.

Elanco has secured a bridge commitment for the cash portion of the consideration. It intends to fund the cash consideration through a combination of new debt and equity.

The transaction, which is subject to regulatory approval and other customary closing conditions, creates the second largest animal health leader while strengthening and accelerating the company's proven innovation, portfolio and productivity strategy.

The transaction will double...

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