US-based medical technology firm Stryker has completed the acquisition of Sage, a provider of health and personal care products, for $2.76bn from Madison Dearborn Partners.
Earlier this year, the company had entered into a definitive agreement to acquire Sage, which offers solutions for oral care, skin preparation and protection, patient cleaning and hygiene, turning and positioning devices and heel care boots.
The transaction has been concluded after the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and complying with the customary closing conditions.
At the signing of the agreement Stryker chairman and CEO Kevin Lobo said: "The company's established leadership team and innovative products that help prevent hospital acquired conditions have driven consistent double-digit sales growth.
"This acquisition aligns with Stryker's focus on offering products and services that support a mindset of prevention, specifically in the area of 'never events' such as hospital acquired infections.
"Today, through our Medical division, Stryker offers products that are complementary to those produced by Sage."
The acquiring included a tax benefit which is expected to be more than $500m and will impact the cash generation over a period of estimatingly 15 years.
The transaction involved J.P. Morgan Securities as Stryker's exclusive financial advisor and Sullivan & Cromwell as outside legal counsel.
Sage hasused Barclays as their financial advisor, while Kirkland & Ellis and Madden, Jiganti, Moore & Sinars have served as legal counsel for Sage.