STERIS to Buy Synergy in $1.9B Inversion Deal
Mentor, Ohio-based STERIS will acquire Synergy Health for $1.9 billion in cash and stock, the companies said last week. The move combines STERIS’ infection control portfolio with Synergy’s sterilization services and will result in a broader global footprint.
The new STERIS will be a stronger global leader in infection prevention and sterilization and better-positioned to provide comprehensive solutions to medical device companies, pharma companies and hospitals around the world, said STERIS President and CEO Walt Rosebrough.
STERIS' Isomedix and Synergy's Applied Sterilization Technologies will serve medical device customers with a network of 58 facilities in 18 countries. For hospitals, the combination of STERIS' infection prevention and services business and Synergy's hospital sterilization services will accelerate development of sterilization outsourcing, the companies said.
Once completed, the new STERIS will be incorporated in the UK, where Synergy is based, significantly lowering its tax rate. STERIS will continue to maintain its operational and U.S. headquarters in Ohio.
The combined business is expected to employ about 14,000 workers and have roughly $2.6 billion in annual revenues.
The deal is expected to close by the end of March. — Kellen Owings
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