12:18 PM EDT, 05/06/2024 (MT Newswires) -- Grifols ( GRFS ) shares were up 7.3% in midday Monday trading after the company said its previously announced sale of a 20% stake in Shanghai RAAS to Haier is being finalized to close in June.

The companies have completed local and overseas regulatory procedures for the all-cash deal valued at 12.5 billion Chinese renminbi ($1.73 billion), Grifols ( GRFS ) said.

The transaction remains subject to compliance confirmation by the Shenzhen Stock Exchange before the processing of the share transfer registration procedure at China Securities Depository and Clearing, the company said.

Grifols ( GRFS ) said it will retain a nearly 6.6% stake in Shanghai RAAS and a seat on its board.

Price: 7.05, Change: +0.48, Percent Change: +7.31