Summary
Boston Scientific Corporation (BSX) has filed an 8-K report detailing the effective completion of its acquisition of BTG plc on August 19, 2019. This significant transaction involved Boston Scientific's indirect subsidiary, Bravo Bidco Limited, acquiring all of BTG's issued share capital for 840 pence in cash per ordinary share. To finance a portion of this acquisition, Boston Scientific has also arranged a $2.0 billion term loan facility, comprising a $1.0 billion two-year delayed draw term loan and a $1.0 billion three-year delayed draw term loan, both to be drawn under its existing Term Loan Credit Agreement. In conjunction with the BTG acquisition, Boston Scientific is divesting its global embolic microspheres portfolio, including the Embozene®, Embozene TANDEM®, and ONCOZENE™ brands, to Varian Medical Systems, Inc. This divestiture was a condition to obtaining the necessary antitrust clearances for the BTG acquisition. Investors should note that the company includes a cautionary statement regarding forward-looking statements and potential risks that could materially affect actual results.
Key Highlights
- 1Completion of the acquisition of BTG plc, effective August 19, 2019, with BTG now a wholly-owned subsidiary.
- 2Financing of $2.0 billion secured via a term loan facility to partially fund the BTG acquisition.
- 3The term loan facility consists of a $1.0 billion two-year delayed draw and a $1.0 billion three-year delayed draw component.
- 4BTG shares will no longer trade on the London Stock Exchange.
- 5BTG shareholders will receive 840 pence in cash for each ordinary share.
- 6Divestiture of Boston Scientific's global embolic microspheres portfolio to Varian Medical Systems, Inc. is expected to be completed.
- 7The divestiture is a condition for obtaining antitrust clearances for the BTG acquisition.