San Antonio-based Kinetic Concepts has agreed to go private in a deal with Apax Partners, the Canada Pension Plan Investment Board and the Public Sector Pension Investment Board. The three will acquire KCI for $68.50 per share in cash in a transaction valued at $6.3 billion, a number that includes KCI's outstanding debt.
The KCI board has unanimously approved the merger deal and recommended that its shareholders adopt the agreement with the consortium. The mailing of the proxy statement to shareholders is expected to take place following the expiration of a 40-day 'go-shop' period, during which KCI is permitted to encourage and solicit alternative proposals from third parties, according to the company's release.
NYSE-listed Kinetics makes products and therapies to treat wounds and regenerate tissue. The company reported revenue of $2 billion last year, the Globe and Mail notes.
- see the KCI release
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