Watson Completes Actavis Acquisition

Watson Completes Actavis Acquisition PR Newswire PARSIPPANY, New Jersey, Oct. 31, 2012 – Creates 3rd largest global generics company with presence in 60+ markets – – $8.0+ billion anticipated pro forma combined 2012 revenue – – Combined management structured to immediately maximize combination value – PARSIPPANY, New Jersey, Oct. 31, 2012 /PRNewswire/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) today announced that it has completed the acquisition of the Actavis Group for EUR 4.25 billion. The combination creates the world's third largest generic pharmaceutical company, with anticipated pro forma combined 2012 revenues in excess of $8 billion. Watson funded the transaction through a combination of $1.8 billion in term loan borrowings and the issuance of $3.9 billion in senior unsecured notes. The Company said the transaction is immediately accretive to non-GAAP earnings, before synergies. The Company also noted that the strong cash flows of the combined business are expected to permit rapid pay down of debt. "Today we unite two powerful, profitable and rapidly growing companies into one exceptional global business. As a result of accelerated integration planning, we will immediately begin to maximize the exceptional financial and commercial value of this combination," said Paul Bisaro, President and CEO of Watson.