M&A
confidence high
sentiment positive
materiality 0.85
ICU Medical to acquire Smiths Medical for $2.35B in cash and stock; expected close H1 2022
ICU MEDICAL INC/DE
- Total consideration: $1.85B cash, 2.5M ICUI shares (~$500M), plus up to $100M earn-out based on stock price.
- Combination creates ~$2.5B pro forma revenue infusion therapy company; Smiths to own ~10% of ICUI post-close.
- Smiths gains board seat if it holds ≥5% of ICUI; shares subject to 6-month lock-up and standstill restrictions.
- Transaction subject to antitrust, FDI approvals, and Smiths' French works council consultation; long-stop date undefined.
- $2B senior secured credit facilities committed by Wells Fargo and Barclays to fund cash portion.