UBS tapped for Ebos $NZ949m block trade

EBOS describes itself as the largest and most diversified Australasian marketer, wholesaler and distributor of healthcare, medical and pharmaceutical products. Picture: iStock

The largest shareholder in Ebos, Sybos Holdings, was offloading a 13.2 per cent stake in the business on Wednesday in a trade worth about $NZ949m ($880m).

Shares were being offered in the Australia and New Zealand pharmacy wholesaler through investment bank UBS at $NZ35.50 each, an 8.9 per cent discount to the last closing price of $NZ38.95 per share.

Sybos has not sold shares in the Australian-listed Ebos since 2020 and a term sheet sent to investors said it continued to remain supportive of the company’s business and announced strategy.

The decision to reduce its ownership supported its diversification of assets and redeployment of capital to other growth opportunities.

Following the selldown, Sybos would have a shareholding of about 4.9 per cent, held under a voluntary escrow for 90 days.

Sybos gained its major holding in Ebos in 2013 after the acquisition by Ebos of pharmacy wholesaler Symbion. The company is an entity of the Zuellig Group, a pharmacy business based in Hong Kong.

In 2019, Sybos sold about 9.3 per cent of its interest in Ebos through UBS, and the trade was worth $NZ338m.

On offer at that time was 9.3 per cent of the company, or 15 million securities, with shares sold at $NZ22.50 each.

The company’s shares then were trading around $NZ24.97, and the offer was a 9.9 per cent discount to the last close.

In 2020, a separate trade was handled by Forsyth Barr and Citi for 9.2 per cent.

Shares were then sold at $NZ21.52 each, a 3.7 per cent discount to their last traded price of $NZ22.35.

Ebos Group describes itself as the largest and most diversified Australasian marketer, wholesaler and distributor of healthcare, medical and pharmaceutical products.

It is also a leading marketer and distributor of recognised consumer products and animal care brands.

Shares in Ebos are up 8 per cent this year.

It recently announced former Orica executive Adam Hall would succeed John Cullity as chief executive from July 1.

In 2023 Ebos, which also operates in the pet care sector, made plans to buy pet retail and vets giant Greencross from TPG Capital for $4bn, but called off the deal in the final hour.

Elsewhere, the Royal Bank of Canada has hired Mark Wilson as its head of equity research for Australia and New Zealand.

Mr Wilson previously worked as the head of equity research at Deutsche Bank.

He worked at the German bank for 14 years until 2019, when he took on a job as general manager for business development and investor relations at The Star Entertainment Group.