Cinven, an international private equity firm, has reached an agreement to acquire Elliott Advisors' approximately 10% stake in SYNLAB AG, a leading medical diagnostics provider in Europe. Following this transaction, Elliott will retain an indirect minority stake in SYNLAB alongside other shareholders, including Cinven, Labcorp, and Qatar Holding LLC. The deal is pending regulatory approvals and is expected to finalize in early 2025.

The acquisition will be executed through Ephios Bidco GmbH, a company controlled by Cinven-managed funds, which currently holds about 86% of SYNLAB's share capital. After the acquisition, Ephios Bidco's ownership will increase to at least 96.09% of the share capital and 97.15% of the voting rights. In light of this, Ephios Bidco has requested SYNLAB's Management Board to convene a general meeting to discuss a squeeze-out of remaining minority shareholders, offering them cash compensation as per German stock corporation law.

SYNLAB's Management Board will announce the date for the Annual General Meeting where this resolution will be voted on. The squeeze-out will only take effect after receiving approval from the general meeting and subsequent registration with the commercial register.

Mathieu Floreani, CEO of SYNLAB Group, expressed optimism about the deal, noting that Elliott's decision to remain an indirect shareholder reflects their confidence in SYNLAB's growth potential. He emphasized the importance of collaboration with all shareholders to enhance SYNLAB's success.

SYNLAB operates in over 20 countries and is recognized for its innovative medical diagnostic services, having conducted around 600 million laboratory tests and generating revenues of €2.64 billion in 2023. Cinven, which focuses on building global companies across various sectors, including healthcare, is committed to responsible investment practices.

Elliott Investment Management, founded in 1977, manages approximately $69.7 billion in assets and is one of the oldest continuously managed funds. The firm’s investors include pension plans, sovereign wealth funds, and high-net-worth individuals.

This acquisition marks a significant step in consolidating SYNLAB's market position and enhancing its operational capabilities in the medical diagnostics sector.