Smith & Nephew Buys Extremity Orthopedics for $240 Million
29 September 2020 - 10:50PM
Dow Jones News
By Ian Walker
Smith & Nephew PLC said Tuesday that it is buying the
Extremity Orthopedics business of Integra LifeSciences Holdings
Corporation for $240 million, and that the purchase be funded from
existing cash and debt.
The global medical-technology company said the portfolio being
bought is highly complementary to its existing orthopedics
offering, and provides entry into the shoulder replacement and foot
and ankle segments.
"This strategic acquisition represents a significant opportunity
to strengthen Smith+Nephew's position in a high-value area and
allows us to offer a leading extremities portfolio to customers,"
S&N's President of Global Orthopaedics Skip Kiil said.
The business being bought generated revenue of $90 million and
posted a small loss in 2019. It is expected to deliver double-digit
revenue growth and be slightly dilutive to trading profit in 2021
and 2022, S&N said.
The acquisition is expected to complete around the end of this
year.
Shares at 1210 GMT were down 7.50 pence, or 0.5%, at 1472
pence.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
September 29, 2020 08:35 ET (12:35 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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