Getinge Buys Boston Scientific Cardiac, Vascular Surgery Units For $750 Mil.
This article was originally published in The Gray Sheet
Executive Summary
Boston Scientific will take a big step in its ongoing organizational overhaul when it sells its cardiovascular surgery businesses to Swedish conglomerate Getinge
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Getinge Resumes Cardiovascular Shopping Spree With Datascope Purchase
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Financings In Brief
Boston Scientific raises $140 million for debt repayment: Defibrillator and coronary stent maker will sell the bulk of its private investment portfolio to two investor groups for a total of $140 million in pre-tax proceeds, the company announces June 19. The sale is the latest in a series of divestitures of "non-strategic" assets by Boston Scientific over the last year aimed at helping to pay down debt left over from its April 2006 acquisition of Guidant; Boston Scientific had $7.3 billion in long-term debt as of March 31 (1"The Gray Sheet" April 7, 2008, p. 20). Investment firm Saints Capital will pay $100 million for interests owned by Boston Scientific in 54 companies, while private equity firm Paul Capital Partners will acquire a portfolio of venture funds and companies from Boston Scientific for $40 million. The two deals include "the vast majority" of Boston Scientific's private investment portfolio, states CFO Sam Leno