LONDON (dpa-AFX) - Halma plc (HLMA.L), on Monday, said it has acquired the TeDan group of companies, comprising the separate companies of TeDan Surgical Innovations Inc., West Coast Surgical LLC, Axcess Surgical Innovations LLC, and TeDan Surgical Innovations GmbH.
The initial cash consideration for TeDan is US$89.1 million, on a cash- and debt-free basis, which will be funded from Halma's existing facilities. When adjusted for tax benefits with a net present value of about US$9.8 million, the net initial consideration is about US$79.3 million. An additional earn-out consideration of up to US$10.9 million is payable in cash, based on TeDan's performance in the period to June 2024.
TeDan's consolidated unaudited revenue for the 12 months to 31 March 2023 was US$29.2 million, and TeDan has a Return on Sales above the upper end of Halma's target range of 18%-22%. TeDan will be a standalone company in Halma's Healthcare sector, led by its current management team.
Marc Ronchetti, Group Chief Executive of Halma, commented: 'TeDan further extends the technologies and capabilities of our Healthcare sector in the treatment of patients in acute therapeutic settings. TeDan's growth is supported by the growing need for surgical treatment as populations age and as lifestyles evolve and by the development of innovative new surgical procedures which improve efficiency and standards of care.'
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