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(Alliance News) - Halma PLC on Monday said it bought the TeDan group of companies for an initial fee of USD89.1 million in cash on a cash and debt-free basis.
The Buckinghamshire, England-based safety equipment company said the group of separate companies comprises TeDan Surgical Innovations Inc, West Coast Surgical LLC, Axcess Surgical Innovations LLC and TeDan Surgical Innovations GmbH.
The TeDan group of companies are a "leader" in innovative surgical access systems, Halma said, developing, manufacturing and supplying surgeons for use in a range of acute therapeutic procedures.
Halma will pay an additional earn-out to TeDan of up to USD10.9 million in cash, based on TeDan's performance in the period to June 2024.
TeDan will be a standalone company in Halma's Healthcare sector, Halma said, led by its current management team.
"TeDan further extends the technologies and capabilities of our Healthcare sector in the treatment of patients in acute therapeutic settings," said Halma Chief Executive Officer Marc Ronchetti.
"TeDan's growth is supported by the growing need for surgical treatment as populations age and as lifestyles evolve and by the development of innovative new surgical procedures which improve efficiency and standards of care."
TeDan Chief Executive Officer Danny Fishman commented: "World spending on healthcare is increasing as demand continues to grow, especially as the number of people over 60 has reached more than one billion.
"For over ten years, TeDan has been at the forefront of surgical access innovation, creating an improved experience for surgeons in the operating room and better outcomes for patients. Joining Halma will help us to grow and invest in the US and internationally."
Shares in Halma were up 1.8% to 2,089.00 pence each in London on Monday morning.
On Thursday last week, Halma declared a higher dividend as it posted profit growth, noting that the current operating environment presented both challenges and opportunities.
In the six months to September 30, pretax profit rose 3.2% to GBP150.2 million from GBP145.5 million a year prior. Revenue climbed 8.6% to GBP950.5 million from GBP875.5 million.
Halma declared an interim dividend of 8.41 pence per share, up 7.0% from 7.86p a year prior.
By Greg Rosenvinge, Alliance News senior reporter
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