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Owens and Minor has entered a definitive agreement to purchase Halyard Health’s surgical and infection prevention (S&IP) business for a cash consideration of around $710m.

The complementary business is expected to boost Owens and Minor’s global business and product portfolio, while it will expand the presence of its network to additional markets and channels.

The acquisition will also add new skill sets, resources and capabilities required to support growth initiatives of the firm.

Owens and Minor chairman, president and CEO Cody Phipps said: “Halyard’s S&IP business is a market leader in the prevention of healthcare-associated infections, and its portfolio of products and services is highly complementary to the innovative solutions we currently provide to our customers.

“In today’s rapidly changing healthcare industry, Owens and Minor is taking aggressive steps to strengthen and diversify our business model, and this transaction supports and enhances our ability to execute our strategy and provides significant opportunities for growth.”

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“Owens and Minor is taking aggressive steps to strengthen and diversify our business model.”

S&IP provides medical supplies and solutions to prevent infections associated with healthcare throughout acute care and non-acute care segments.

The business includes a variety of surgical and infection prevention products such as sterilisation wraps, surgical drapes and gowns, facial protection, protective apparel and medical exam gloves across various brands, including Aeroblue, Aerochrome, Lavender, Sterling, One-Step, Quick Check, and Smart-Fold.

The business also comprises manufacturing network, new product pipeline and global sales force with direct channel access to markets.

Subject to customary closing conditions and regulatory approvals, the deal is expected to be concluded in the first quarter of next year.

Owens and Minor estimates that the transaction would fetch about $1bn in revenues upon completion.