Aspen Pharmacare Holdings Limited (JSE: APN) entered into an agreement to acquire Pfizer's infant nutritional businesses in Australia and six South African markets from Nestlé S.A. (SWX: NESN) for $215 million on April 18, 2013. The assets include certain rights to intellectual property licenses, net assets and shares in the infant nutritional (IN) businesses presently conducted by Pfizer which distribute a portfolio of IN products in Australia and certain Southern African ... territories (South Africa, Botswana, Namibia, Lesotho, Swaziland and Zambia). Aspen will have the exclusive right of use and co-brand S26 and SMA IN product trademarks for a period of 10 years in Australia and Southern Africa. There will be a transfer of the ownership in the operating businesses and employees from Nestle to Aspen. The divesture of the infant nutritional assets is to comply with antitrust regulators after Nestlé's acquisition of Pfizer’s Wyeth infant nutrition business. As of December 31, 2012, the revenues for the Australian and Southern African IN businesses amounted to AUD 83 million ($86.1 million) and ZAR 180 million ($21.2 million) respectively. The Australian Competition authorities have approved Aspen’s acquisition of the Australian IN business and the transaction will be effective in Australia from April 28, 2013. The South African and Namibian Competition authorities’ approval of the acquisition of the Southern African IN business is pending. Assmus, Richard, Bernstein, Jonathan, Boelter, John, Carpenter, David Garden, Steven Karlberg, Karl Magnus, Morlock, Lee, Young, Kristine of Mayer Brown LLP acted as legal advisor to Nestlé SA. The currency conversions were done through www.oanda.com as on December 31, 2012.
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