Share Prices & Company Research

Market News

08 Sep 2021 | 07:27

Smiths Group agrees $2.4bn sale of med unit to ICU Medical

(Sharecast News) - Industrial technology group Smiths Group said it agreed to sell is medical business to US-based ICU Medical for $2.4bn, withdrawing its support for a rival $2bn offer from TA Associates agreed last month. Smiths agreed to sell the division, which makes respiratory devices and catheters, as it shifted focus to its core industrial technology business.

"The ICU Transaction delivers $0.4bn more value to shareholders and carries future material upside through both participation in ICU Medical equity and a $0.1bn 'earnout'. In light of this, the Smiths board has withdrawn its recommendation of the TA Transaction,"v Smiths said in a statement.

Smiths said it was planning to return 55%, equivalent to £737m at current exchange rates, of the initial net cash proceeds to shareholders via a share buyback. The retained net cash proceeds would be used to create "a strong balance sheet" and support investment in growth opportunities.

Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 17th May 2022
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.