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(Sharecast News) - Life-saving technology company Halma has acquired Maryland-based medical consumable devices outfit IZI Medical Products in a deal valued at as much as $168.0m.
Halma said on Monday that it will make an initial consideration of $153.5m for IZI, on a cash and debt-free basis, funded from existing facilities. An additional consideration of up to $14.5m will be payable in cash, based on IZI's growth in the year to 31 March 2023.
The FTSE 100-listed group IZI, which makes devices that are mainly used by interventional radiologists and surgeons in a range of acute, hospital-based diagnostic and therapeutic procedures, had unaudited revenues of $32.9m in the 12 months ended 31 March, with the firm's return on sales being "substantially above" Halma's target range of 18-22%.
Chief executive Andrew Williams said: "IZI further extends our Healthcare sector into products supporting minimally invasive diagnosis and treatment of acute conditions, principally cancer.
"IZI's growth is supported by the higher incidence of health conditions in ageing populations, improved screening and diagnostics enabling earlier treatment of disease, and expansion into adjacent applications through innovation."
Reporting by Iain Gilbert at Sharecast.com
