JNJ receives offer from Platinum Equity to acquire LifeScan for $2.1B
Johnson & Johnson (JNJ) announced that it has received a binding offer from Platinum Equity, a leading private investment firm, to acquire its LifeScan business for approximately $2.1B, subject to customary adjustments.
LifeScan, Inc. is a leader in blood glucose monitoring products with 2017 net revenue of approximately $1.5B.
The Johnson & Johnson Family of Companies will continue to serve those impacted by diabetes through innovative products, services and solutions from its Medical Device, Pharmaceuticals, and Consumer businesses.
These include important leadership and innovation in areas such as bariatric surgery and through medicines such as INVOKANA and INVOKAMET.
The acceptance period for the offer will end on June 15, 2018, unless extended, and during that time, consultations with relevant works councils are planned.
If the offer is accepted, the transaction would be expected to close by the end of 2018, subject to the satisfaction of customary closing conditions.
This transaction was contemplated in the Company’s guidance provided on January 23, 2018.
JNJ closed at $133.06.
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