05 October, 2016

BD and Apax Partners Forms Joint Venture to Launch Global Respiratory Business

BD and Apax Partners announced the launch of a joint venture – Vyaire Medical – a standalone, global respiratory solutions company. The closing finalizes the sale of 50.1 percent interest in BD’s Respiratory Solutions business to funds advised by Apax Partners, a leading global private equity firm. Vyaire Medical includes all business lines within BD’s Respiratory Solutions business, including Ventilation, Respiratory Diagnostics, Vital Signs and AirLife, and will have estimated annual revenue of over  $800 million. BD will retain a 49.9 percent minority interest in the new company.

BD’s Respiratory Solutions facilities will transfer to the new company, including locations in Yorba Linda, Calif.; Palm Springs, Calif.; Plymouth, Minn.; Mexicali, Mexico; Cotia, Brazil; Hoechberg, Germany and Shenzhen, China. The new company will employ more than 5,000 associates around the world.
BD plans to use net proceeds for share repurchases, subject to market conditions. In fiscal year 2017, due to the limited profitability of the business today, BD anticipates earnings dilution of approximately $0.10 to $0.14, net of share repurchases. The company expects to record a material tax loss on the transaction at the time of closing.
A press release is available from BD website.

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