Merck KGaA consumer health business acquired by The Procter & Gamble Company
The Procter & Gamble Company acquired Merck KGaA consumer health business, a Global otc consumer healthcare brand, on Nov 30, 2018.
Preliminary: The EBITDA and EV/EBITDA are not yet independently verified.
Transaction summary
- Target
- Merck KGaA consumer health business
- Acquirer
- The Procter & Gamble Company
- Seller
- Merck KGaA
- Announced
- 2018-04-19
- Completed
- 2018-11-30
- Geography
- Global
- Type
- Acquisition
- Deal type
- Control
- Stake acquired
- -
- First added
- 2026-07-13
- Latest update
- 2026-11-01
Value and multiples
100% enterprise value
USD 3.7B
100% enterprise value | USD
Basis: Public source
Reported price is assumed to be 100% EV unless stated otherwise. Partial-stake estimates are qualified in the basis notes.
EV / revenue
3.7x
Period: FY2017
Basis: Derived from source data
EV / EBITDA
17.2x
Unverified
EBITDA: normalised / adjusted
Basis: Derived from source data
Basis
- P&G completed its purchase of Merck KGaA's consumer health business on 30 November 2018. Its March 2019 Form 10-Q reports US$3.7bn paid at closing exchange rates and about US$1bn of 2017 sales, giving about 3.7x revenue. Merck had announced €3.4bn in April (then about US$4.2bn) and €911m of 2017 sales. Canaccord Genuity later reported the announcement value and 19.5x LTM adjusted EBITDA, implying about US$215m EBITDA. Applying the closing price to that implied EBITDA gives an estimated 17.18x; the two dollar amounts use different exchange-rate dates.
Other reviewed estimates
Earlier estimates and their sources.
Source summary
P&G Acquires the Consumer Health Business of Merck KGaA, Darmstadt, Germany
Confirmedfor a purchase price of approximately 3.4 billion euro
Open sourceMerck KGaA to sell its consumer health business to Procter & Gamble
Confirmednet sales of the Consumer Health business amounted to EUR 911 million (USD$1.1 billion).
Open sourceProcter & Gamble Form 10-Q, quarter ended 31 March 2019
ConfirmedOn November 30, 2018, we completed our acquisition of the over the counter (OTC) healthcare business of Merck KGaA
Open sourceThorne HealthTech Schedule 14D-9/A
EstimatedCanaccord Genuity's selected precedent transactions (US$ in millions) list April 2018, The Procter & Gamble Company and Merck KGaA (consumer health business): implied TEV $4,200, TEV / LTM Adjusted EBITDA 19.5x.
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