Smiths Group agrees $2.4 bln sale of unit to ICU Medical, snubs TA Associates (updated)

ICU Medical

08/09/2021 07:28

(Adds deal details, background)
    Sept 8 (Reuters) - British industrial technology company
Smiths Group  SMIN.L  on Wednesday agreed to sell its medical
unit to U.S.-based ICU Medical Inc  ICUI.O  for $2.4 billion and
withdrew its backing for the deal with private equity firm TA
Associates.
    Smiths in early August agreed to a $2-billion deal with TA
Associates to sell the division, which makes respiratory devices
and catheters, as it looks to focus on its core industrial
technology business.
    The terms of the sale to ICU Medical, that also makes
medical devices used in oncology and critical care, are
"superior" to the TA one, Smiths said.
    The deal with ICU Medical is expected to close in the first
half of next year.

 (Reporting by Yadarisa Shabong in Bengaluru; Editing by Shounak
Dasgupta)
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