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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