Smith & Nephew Sells Gynecology Business to Medtronic; to Return Net Funds to Holders
May 18 2016 - 8:41AM
Dow Jones News
By Ian Walker
LONDON--Smith & Nephew PLC (SN.LN) said Wednesday it is
selling its gynecology business to Medtronic PLC (MDT) for $350
million, and will return the net funds to shareholders via a share
buy-back program.
The global medical technology business said it expects to
complete the sale in July and will start a $300 million share
buyback program shortly after.
The gynecology business generated $56 million revenue in 2015,
which represented about 1% of the group's total. The company
expects the deal to be broadly neutral to adjusted earnings in
2017.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
May 18, 2016 08:26 ET (12:26 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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