1 June 2017
Smiths Group plc (“Smiths Group”) today announces that it has entered into a binding agreement with OSI Systems, Inc to sell the explosive trace detection business formerly owned by Morpho Detection (the “Trace Business”) for an enterprise value of $75.5 million.
In connection with its acquisition of Morpho Detection from Safran, Smiths Group had made commitments to the European Commission (“EC”) and the Department of Justice (“DOJ”) to sell the Trace Business. The sale is conditional upon regulatory approval in Portugal and the approval by the EC and DOJ of OSI Systems, Inc as a suitable purchaser. Completion is expected in mid-2017.
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