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Getinge AB to Acquire Kinetic Concepts Inc.'s Therapeutic Support Business, Finances Transaction with Bridge Loan


Wednesday, 15 Aug 2012 02:00am EDT 

Getinge AB announced that it signed on August 15, 2012 a definitive agreement with United States-based Kinetic Concepts Inc. (KCI) to acquire KCI's Therapeutic Support Systems (TSS) business. The combination of Getinge's and KCI's TSS business creates a global platform with potential for portfolio and operational synergies. The TSS portfolio and operations will be integrated into Getinge Extended Care under the ArjoHuntleigh brand. The acquisition of TSS takes the form of a carve-out, whereby Getinge purchases all assets and intellectual property associated to the TSS business. The acquisition price, debt-free, is USD 275 million (enterprise value). Acquiring TSS's net assets will result in goodwill, which is fully tax deductible at a tax value of approximately USD 30 million (not included in the above -mentioned multiple). Transaction and restructuring costs will amount to USD 35 million, of which USD 25 million will be charged to Getinge's profit in the fourth quarter of 2012. The remaining USD 10 million will be charged next year. The transaction will be financed through a bridge loan. 

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