Sep 08, 2021 / 07:30AM GMT
Paul A. Keel - Smiths Group plc - CEO & Executive Director
Good morning, everyone, and thank you for joining us today on such short notice. With me in London this morning is John Shipsey, our CFO; and Jemma Spalton, who leads Investor Relations for Smiths. We're pleased to announce that we have received a higher value offer for Smiths Medical from ICU Medical, a U.S.-based leader in Medtech. After thorough consideration, we've agreed to sell the business to ICU on terms that are superior to the deal we announced last month with TA Associates. Today's transaction values our medical business at an enterprise value of USD 2.7 billion, which is about USD 0.4 billion higher than the TA proposal.
On this morning's call, I'll walk you through details of the transaction, how it compares to the previously announced deal, the proposed use of proceeds and the timeline moving forward. Let's begin with the details of this morning's announcement on Slide 3. The headline here is that the ICU transaction is superior to the previously announced agreement with PA in several respects.
First, both the
Smiths Group PLC to Discuss Superior Transaction for Sale of Smiths Medical to ICU Medical Inc Call Transcript
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