3M to pay $230 million for Israel's Attenti
NEW YORK |
NEW YORK (Reuters) - Diversified U.S. manufacturer 3M Co (MMM.N) said it would pay $230 million in cash to buy Israel's Attenti Holdings SA, which makes technology used to remotely monitor criminals and elder care patients.
Attenti is expected to have about $100 million in sales in 2010. 3M is buying the business from an investor group led by Francisco Partners.
The deal is expected to be slightly dilutive to earnings over the first 12 months after the deal closes, 3M said. Excluding purchase accounting and integration costs, it expects the deal to add slightly to earnings over the same period.
3M has been busy on the dealmaking front this week. It announced on Monday plans to purchase Cogent Inc COGT.O for $943 million, paying a nearly 18 percent premium for the maker of identification systems used to screen travelers at border crossings.
3M Chief Executive George Buckley said last week that the company could spend $2 billion on acquisitions this year, double its previous estimate.
(Reporting by Michael Erman, editing by Gerald E. McCormick)
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