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December 01, 2006 20:21 IST
Ranbaxy Laboratories [Get Quote] has acquired Be-Tabs Pharmaceuticals, the fifth-largest generics company in South Africa, for $70 million.
According to an official release issued by the company to the BSE on Friday, the transactions, subject to requisite approvals from South Africa's Competition Council authority, are expected to be completed in the first quarter of the year 2007.
The acquisition will be EPS accretive in year one. The acquisition further strengthens the company's South Africa operations and places it amongst the top 5 generic players in the market.
The transactions will be funded from the company's FCCB proceeds. The transaction is valued at 2.2 times of sales and 7.7 times of EBITDA multiples, the release added.
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