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| Acquiring Party | Getinge AB, a Sweden-based global provider of equipment and systems used in surgery and intensive care. |
|---|---|
| Transferring Party | Boston Scientific Corp. (NYSE:BSX), a large manufacturer of cardio-vascular devices and treatments. |
| Sector | Medical Devices |
| Date | November 5, 2007 |
| Analysis Getinge seeks to build a major global presence in cardio-vascular surgery and intensive care. BSX acquired the cardiac surgery unit as part of its $2b acquisition of Guidant. The 450-employee cardiac surgery unit makes technologies to aid in heart surgery and generated $189m of revenue in 06. The vascular surgery unit, acquired by BSX in 1995, makes grafts and patches for repair of abdominal aortic aneurysms, had 06 revenue of $86m. Deal value -- $750m, corresponds to an EV/EBIT 2006 multiple of 10.4, excluding synergies. But Getinge said the structure of the Deal will enable favorable goodwill tax deductibility and given the present value of those tax (-$120m), the adjusted EV/EBIT 2006 multiple is closer to 8.8x, calculated on the current year's profits (excluding synergies). | |
The Walden Group is a leading healthcare investment banking firm specializing in mergers, acquisitions and strategic transactions. It also invests its own funds and, together with its expert operational partners, provides value-added services to help special companies reach critical milestones. This information is copyright © 2004-2007 The Walden Group, Inc. This information is provided as a service to the public but remains the intellectual property of The Walden Group, Inc and may not be reproduced in any manner without the written permission of The Walden Group, Inc. The information contained in the transactions table was derived from publicly available and other sources. Transaction analysis and other information are based, in part, upon public comments, Walden Group research and judgments, and reporting and research of others. The information is not intended to be relied upon as pronouncements by the transaction participants or for any other reason. | |