Smiths Group today confirmed that it has completed the acquisition of Medex Inc, the US medical devices company. The consideration comprised $655million for the shares, satisfied in cash, and the assumption of net debt of $270million. The sellers 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. Completion followed the clearance by regulatory authorities in all countries where it was required.
Commenting on the acquisition, Keith Butler-Wheelhouse, Chief Executive of Smiths Group said:
Medex is a first rate company. It is an excellent strategic fit and we have secured it at a good price. This transaction is a significant step in the continuing evolution of Smiths, and moves us into the medical devices big league.
Medex will be integrated into Smiths Medical and the combined business will hold a strong position in the market for critical care devices used in healthcare systems around the world. Smiths Medical is a leading supplier of devices and equipment used in hospitals and other locations providing intensive and continuing care for patients.