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Reuters reported in January that Mitsui and Hillhouse had emerged as the final bidders vying for Eu Yan Sang.
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One of Singapore's oldest homegrown brands Eu Yan Sang will be acquired by Japan's Rohto Pharmaceutical and Mitsui & Co. The deal for the 144-year-old Traditional Chinese Medicine firm is valued at $800 million. Eu…see more
Founded in 1879, Eu Yan Sang operates over 170 retail outlets and 30 clinics in Singapore, Hong Kong and Malaysia, according to Mitsui's statement.
Righteous Crane Holding took the company private from the Singapore bourse in 2016. The deal valued Eu Yan Sang at about US$196 million at the time.
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Mitsui said it invested indirectly in Eu Yan Sang in Nov 2022. The Japanese firm added that it had contributed to the expansion of Eu Yan Sang's (EYS) business by helping to boost the company's brand and supporting overseas expansion.
"Through these activities, Mitsui reconfirmed EYS's strong business potential and how Mitsui could contribute to its business expansion," Mitsui said, adding this led to its decision to re-invest in Eu Yan Sang with Rohto and the founding family via the special purpose company.
The transaction is expected to close by June, according to Tower Capital Asia's statement.
Deutsche Bank and UBS are acting as financial advisers to Eu Yan Sang, with WongPartnership as the legal counsel, the statement showed.
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Source: Reuters/lh(ac)
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