Fortive offers $2.8B for J & J ’ s advanced sterilization biz

Johnson & Johnson (NYSE:JNJ) said yesterday that industrial conglomerate Fortive (NTSE:FTV) made a binding offer to acquire the advanced sterilization business from J&J’s Ethicon division for approximately $2.8 billion. The deal includes $2.7 billion in cash and an additional $100 million in retained net receivables, New Brunswick, N.J.-based Johnson & Johnson said. J&J’s advanced sterilization products biz reported a net revenue last year of approximately $775 million, the company reports. The offer has an acceptance period of 120 days, and if accepted, is expected to close no later than early 2019, J&J added. Assets included in the deal for the ASP biz include capital, consumables and software designed for use in low-temperature terminal sterilization and high-level disinfection of reusable surgical instruments, J&J said. “As we balance the interests of all our stakeholders to deliver the greatest value to customers, healthcare providers and shareholders, we must continuously assess strategic fit and explore alternatives for our businesses. ASP has a long history of pioneering infection prevention technology, and we are confident that Fortive would be well-positioned to continue to drive the business toward achieving its full potential,” J&J interventional solutions and specialty surgery group chair Shlomi Nachman said in a press release. Fortive said that it is beginning consultation processes with employees’ repr...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Mergers & Acquisitions Sterilization / Calibration fortive johnsonandjohnson Source Type: news