STERIS Corp. is commencing a “recommended offer” under U.K. law to acquire Synergy Healthy in a cash and stock transaction valued at a total of approximately $1.9 billion.
“Synergy’s focus on achievement, accountability, integrity, and innovation has enabled it to deliver remarkable growth for its customers, people and shareholders since its founding,” says Walt Rosebrough, President and CEO of STERIS Corp. “We have great respect for the performance that Dr. Richard Steeves and his people have achieved, and look forward to welcoming them to the STERIS team. Together, we create a balanced portfolio of products and services that can be tailored to best serve the evolving needs of our global Customers. Once the transaction is completed, New STERIS will be a stronger global leader in infection prevention and sterilization, better-positioned to provide comprehensive solutions to medical device companies, pharma companies, and hospitals around the world.”
“Synergy shares STERIS’s commitment to growth for all of its Customers and partners, and this acquisition joins two great companies that share a similar set of values and a strategic vision,” says Dr. Richard Steeves, CEO of Synergy Health. “The combined entity brings together the strengths of both businesses, allowing New STERIS to accomplish much more than either one of us could separately.”
New STERIS will be incorporated in the U.K., while its operational and U.S. headquarters will remain in Mentor, Ohio. Walt Rosebrough, current President and CEO of STERIS, will be the CEO of New STERIS. Rosebrough, along with New STERIS CFO Michael Tokich and most members of senior management, will reside in Northeast Ohio.
STERIS is a provider of infection prevention and other procedural products and services, focused primarily on healthcare, medical device, and pharmaceutical and research customers. Synergy provides outsourced sterilization services for medical device manufacturers, hospitals, and other industries.
Release Date: October 13, 2014
Source: STERIS Corp.
