Business Services Industry
Getinge AB to acquire UK medical equipment group Huntleigh Technology Plc
Nordic Business Report, Dec 8, 2006
NORDIC BUSINESS REPORT-8 December 2006-Getinge AB to acquire UK medical equipment group Huntleigh Technology Plc(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com
Swedish medical and laboratory equipment and systems provider Getinge AB announced on Friday (8 December) a public offer for all shares of the UK company Huntleigh Technology Plc (LSE: HTL).
Getinge is offering GBP4.80 per share in cash, which represents a premium of 28% and values the company at GBP409m.
The offer has been unanimously recommended by Huntleigh Technology's board of directors, and shareholders representing over 46% of the share capital have already accepted the offer.
Huntleigh Technology is a medical technology company manufacturing and selling special mattresses and beds, products for preventing deep vein thrombosis, and equipment for foetal and vascular diagnosis. The group includes 20 proprietary sales companies. Huntleigh Technology has 2,600 employees and reported sales of GBP200m in 2005.
Getinge said that it plans to integrate the acquired operations into its Extended Care business area, creating a global leader within patient handling, wound care and hygiene, with over 4,400 employees and sales of approximately GBP450m.
"By combining both Groups, we can offer the combined customer base a broader product portfolio and a better service offering. Extended Care's business philosophy, to reduce care costs by increasing care quality and efficiency, is well in line with Huntleigh's," said Johan Malmquist, President and CEO of Getinge.
"The synergies between Extended Care and Huntleigh in terms of geography, products and sales channels are highly attractive. It is our goal to immediately implement integration in order to take advantage of the possibilities created by the merger," Malmquist added.
Getinge is headquartered in Getinge in Sweden. The company has nearly 7,400 employees and operations in Europe, the Americas, Asia and Africa. Getinge is listed on the Nordic Exchange in Stockholm.
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