BD to acquire Edwards Lifesciences' Critical Care for $4.2B in cash

BECTON DICKINSON & CO

Acquisition price of $4.2B in cash; expected to close by end of calendar 2024, subject to regulatory approvals.
Critical Care generated >$900M revenue in 2023; BD expects 6-7% growth, >60% adjusted gross margin, >25% adjusted operating margin.
Funded with ~$1B cash and ~$3.2B new debt; net leverage ~3x at close, targeting 2.5x within 12-18 months via free cash flow.
Transaction immediately accretive to BD revenue growth, adjusted gross/operating margins, and adjusted EPS.
Critical Care to operate as separate business unit within BD Medical, led by Katie Szyman, based in Irvine, CA.

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