Steris Buys Synergy For $1.9 Billion To Create Sterilization Giant
This article was originally published in The Gray Sheet
The deal for UK-based Synergy follows the trend of U.S. companies moving their headquarters to take advantage of more favorable tax rates, but Steris says the acquisition also makes sense because the companies’ geographies and product ranges are complementary.
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The companies plan to contest the Federal Trade Commission's action, although they say they have yet to see FTC's formal complaint. The deal, valued at $1.9 billion, would allow U.S.-based Steris to reduce its corporate tax rate by redomiciling to Synergy's home in the U.K., creating a $2.6 billion entity.
The market for diagnostic and infection control products will see continued growth as hospitals and other providers look to the technology sector to help fight the battle against health care-associated infections and antibiotic-resistant organisms.
No device-related warning letters were released by the US FDA the week of 26 January.