CITIC Capital, Humanwell Healthcare To Buy Austrialian Condom Maker For $600M

CITIC Capital Holdings Ltd. and Hubei province-based Humanwell Healthcare Group Co., Ltd. has agreed to acquire Australia stock exchange-listed Ansell Ltd's condom division, the world's second biggest condom maker, for US$600 million.

Ansell expects to receive net proceeds after-tax of US$529 million from the all-cash deal. The transaction is subject to regulatory approval and is expected to be completed by the end of September.

"It is our only consumer business, it is the only business where we're not number one in the world, it is a business with a dramatically different go-to-market in terms of marketing spend," said Ansell's chief executive officer Magnus Nicolin on a conference call, explaining why the company sold the unit.

The business was sold at nearly 16 times earnings from 2016, a very good price for a company in the trad...

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