Recently, BD, the world's leading medical technology company, announced a definitive agreement to sell 50.1% of its respiratory solutions business to funds managed by Apax Partners. Under the agreement, the two parties will establish a new joint venture that operates independently.
The newly formed company will include all of BD's respiratory solutions, including Ventilation, Respiratory Diagnostics, Vital Signs, and AirLife, with an annual business income of approximately $900 million.
All of the BD Respiratory Solutions business will be transferred to new businesses, including its operations in Yorba Linda, California, Palm Springs, Plymouth, Minnesota, Mexico Mexicali, Cotia, Brazil, Hoechberg, Germany, and Shenzhen, China. The new company will employ more than 5,000 people worldwide. BD will be an important non-controlling minority shareholder holding a 49.9% stake in the company. The transaction is expected to be completed by the end of fiscal 2016 or early fiscal 2017.
The transaction is based on a valuation of nearly $500 million for existing businesses. The structure of the transaction indicates that both parties have conducted a comprehensive strategic assessment of the entire transaction; at the same time, BD decided not to place the business at the heart of its long-term strategy. BD will become its important but non-controlling minority shareholder, maximizing value through future earnings and expected appreciation of the company's valuation.
The completion of this transaction has yet to be reviewed and approved, and it is necessary to negotiate with the European employee delegation and be subject to customary closing conditions.
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