The Group announced yesterday that it had reached a deal to purchase the company and its assets for $30.25 billion from Covidien , all in cash. This marks the third-largest acquisition in private-equity history, and the largest transaction in this year’s first quarter. Covidien had owned the medical manufacturer since 2008.
A private-equity firm has agreed to pay $32.50-billion (U.S.) for the American drugstore chain, which is in Chapter 11 bankruptcy protection.
The largest private-equity firm, New York-based Cerberus Capital Management, has reached an agreement to buy Canadian-based Medline Industries for more than C$30 billion ($25.5 billion) in cash and stock.A group of private equity firms has agreed to acquire Medline Industries Inc. in a deal worth more than $30 billion, one of the largest leveraged buyouts since the financial crisis. Earlier on Saturday, the Wall Street Journal reported that the group was close to a deal, having ruled out a rival bid from the private equity arm of a Canadian investment firm. Brookfield Asset Management Inc. BAM 0.12
Latest news from business and traders. Including the debt, the deal would be worth about $34 billion; without the debt, $30 billion, according to people familiar with the matter. This could be the biggest healthcare LBO in history. Founded in Northfield, Illinois, the family-owned company Medline is a little-known but important player in the medical device industry. The company manufactures and distributes equipment and supplies used in hospitals, surgery centers, acute care hospitals and other healthcare facilities in more than 125 countries. Medline’s extensive product range includes surgical gowns, examination gloves and diagnostic equipment, as well as consumer brands such as Curad bandages. According to the company’s website, annual revenue is about $17.5 billion. Brothers James and John Mills founded the company in 1966 and took it public in 1972. Five years later, the brothers bought back the shares. James’ son, Charlie, has been CEO of Medline since 1997. The family will remain the company’s largest shareholder after the acquisition, and the management team will also remain in place, the company announced Saturday. The sale of Medline would be the latest sign of renewed interest from private equity firms in major acquisitions. They have all but disappeared after some of them performed poorly or went bankrupt following the 2008-2009 financial crisis, laden with mountains of debt. According to Preqin, companies currently have more than $1.6 trillion in unused cash, not including the billions that large institutional investors are looking to invest directly in deals. The fact that three private equity firms have joined forces – some would argue that they are equal partners – suggests that this situation existed before the crisis, when club deals were common. They failed because companies generally preferred to partner with their largest investors, but that has become more common lately, and this deal was too big to do without partners. As a sign of the companies’ interest in the deal, executives from the competitors made a pilgrimage to Medline’s suburban Chicago headquarters to meet with family members. In April, the Wall Street Journal reported that Medline was considering a sale, likely to a private equity firm, and noted that Goldman Sachs Group Inc. GS 0,70 to start the process. The winning consortium beat all bidders at the auction, which included the largest acquisition firms. BDT & Co. also acted as financial advisor to Medline and Wachtell, Lipton, Rosen & Katz acted as legal counsel. BofA Securities Inc, J.P. Morgan, Barclays, Morgan Stanley. and Centerview Partners advised Blackstone, Carlyle and Hellman & Friedman, with Simpson Thacher & Bartlett LLP acting as group counsel. Email Cara Lombardo at [email protected] and Miriam Gottfried at [email protected] Copyright ©2020 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8Private-equity group Apollo Global Management is inching closer to taking over rival medical-networking firm Medline for over $30 billion, sources familiar with the situation say. Apollo is in “advanced” talks to buy the company, which provides a range of information services to the health-care sector, the sources said Thursday.. Read more about medline wikipedia and let us know what you think.
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