Summary
Cardinal Health, Inc. (CAH) filed an 8-K on May 28, 2015, to report the execution of a definitive Stock and Asset Purchase Agreement to acquire certain assets of the Cordis business from Ethicon, Inc. (a subsidiary of Johnson & Johnson). This acquisition, initially announced on March 1, 2015, is valued at approximately $1.944 billion in cash, on a cash-free, debt-free basis. The acquired assets are related to the development, manufacture, and distribution of medical devices for interventional cardiology and endovascular procedures.
Key Highlights
- 1Definitive agreement signed for the acquisition of Cordis business assets from Ethicon (Johnson & Johnson).
- 2Purchase price is $1.944 billion in cash, on a cash-free, debt-free basis.
- 3The acquisition focuses on medical devices for interventional cardiology and endovascular procedures.
- 4Closing of the acquisition is subject to customary closing conditions, including antitrust clearances.
- 5Antitrust clearances have been received in the US, Germany, and Spain; filing made in China.
- 6The acquisition is expected to close in approximately 20 principal countries by the end of calendar year 2015, with remaining countries to follow.
- 7The filing includes the Stock and Asset Purchase Agreement as an exhibit.