Cryoport to Buy Chart's MVE Biological Unit With Backing From Blackstone
August 25 2020 - 7:02AM
Dow Jones News
By Colin Kellaher
Cryoport Inc. on Tuesday said it agreed to buy MVE Biological
Solutions, the cryobiological products unit of Chart Industries
Inc., for $320 million in cash in a deal backed by private-equity
firm Blackstone Group Inc.
Cryoport said it would receive a $275 million investment from
funds managed by Blackstone Tactical Opportunities to help fund the
MVE acquisition.
The investment includes $250 million of a newly designated
perpetual 4% Series C convertible preferred stock, along with $25
million of common stock.
Cryoport, a Brentwood, Tenn., provider of temperature-controlled
supply-chain solutions for the life-sciences industry, said it
would pay the remainder of the purchase price from its cash
balance.
Chart, a Ball Ground, Ga., maker of engineered equipment, said
it would use proceeds from the sale to pay down debt and to
continue expansion into its high-growth focus areas, including
hydrogen, carbon capture and other specialty markets.
Cryoport said it expects to complete the acquisition by the end
of the year.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
August 25, 2020 07:47 ET (11:47 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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