21st Mar 2005 16:13
Smiths Group PLC21 March 2005 Smiths completes $925 million acquisition of Medex Smiths Group today confirmed that it has completed the acquisition of Medex Inc,the US medical devices company. The consideration comprised $655million for theshares, satisfied in cash, and the assumption of net debt of $270million. Thesellers were One Equity Partners, a division of JP Morgan Chase & Co, with 83%of the equity, and the management of Medex, who held the remainder. Completionfollowed the clearance by regulatory authorities in all countries where it wasrequired. Commenting on the acquisition, Keith Butler-Wheelhouse, Chief Executive ofSmiths Group said: "Medex is a first rate company. It is an excellent strategicfit and we have secured it at a good price. This transaction is a significantstep in the continuing evolution of Smiths, and moves us into the medicaldevices big league." Medex will be integrated into Smiths Medical and the combined business will holda strong position in the market for critical care devices used in healthcaresystems around the world. Smiths Medical is a leading supplier of devices andequipment used in hospitals and other locations providing intensive andcontinuing care for patients. Smiths Group designs and manufactures safety-critical systems and products, andhas market leading positions in aerospace, detection systems, medical devices,mechanical seals and interconnect products. For further information visitwww.smiths-group.com. -o- Media: Investors:Caroline Harris Russell Plumley+44 (0) 20 8457 8403 +44 (0) 20 8457 [email protected] [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Smiths Group