Teleflex, based in Wayne, plans on divesting three of its business divisions through two separate deals valued at a combined $2.03 billion, writes John George for the Philadelphia Business Journal.
Teleflex will sell its original equipment manufacturer business to a Montagu and Kohlberg partnership for $1.5 billion, while its acute care and interventional urology businesses will be acquired by United Kingdom-based Intersurgical for $530 million.
The transactions remain subject to regulatory approval and are anticipated to be finalized in the latter half of next year.
“Over the past year, we have executed a clear strategy to optimize our portfolio and best position Teleflex for the future, with a focus on driving growth across our core critical care and high acuity hospital markets,” said Teleflex CEO Liam Kelly.
He added that the sales, which are expected to generate about $1.8 billion in net proceeds, will give the company more room to invest in innovation and strengthen its position in those “priority” areas.
According to a filing with the Securities and Exchange Commission, the employees working in the divisions being sold will move over to the new owners once the deals are completed.
Read more about Teleflex selling three of its business divisions in the Philadelphia Business Journal.
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