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Halma PLC Completes Acquisition Of MicroSurgical Technology, Inc

Wednesday, 19 Dec 2012 02:00am EST 

Halma PLC announced that the acquisition of MicroSurgical Technology, Inc. (MST) was completed on December 18, 2012. MST designs, manufactures and markets ophthalmic surgical products, focusing on single-use devices used in cataract surgery. MST is located in Redmond, Washington, USA. The initial cash consideration is $57.0 million (GBP35.2 million) for the share capital plus $2.0 million (GBP1.2 million) for cash retained in the business. The combined consideration is adjustable Dollar for Dollar if the level of working capital at closing falls outside an agreed range. Contingent consideration of up to $43.0 million (GBP26.5 million) is payable if earnings for the two years to March 2015 exceed pre-determined targets. MST is being acquired from management and several private shareholders. Existing management will remain in place and will continue to operate the business in Redmond. MST will join Halma's Health and Analysis sector within the Health Optics sub-sector which includes other ophthalmic device businesses Accutome, Keeler, Medicel, Riester and Volk. 

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21 Oct 2014