Halma buys surgical innovation firm TeDan in £72m deal
- Depending on TeDan’s performance, up to an additional £9 million will be paid
Safety equipment company Halma has purchased the TeDan group of US-based surgical innovation companies.
The deal has an initial value of $89.1 million (approximately £72 million) on a cash and debt-free basis.
As part of the deal, the FTSE 100 listed company has acquired TeDan Surgical Innovations, West Coast Surgical, Axcess Surgical Innovations and TeDan Surgical Innovations.
The Buckinghamshire-based company will also pay a further US$10.9m (approximately £9m) in cash, depending on TeDan’s performance in the period to June 2024.
The deal will initially be worth $89.1 million on a cash and debt-free basis, which the group says will be financed from its existing facilities.
TeDan will become an independent company in Halma’s healthcare sector, led by the current management team.
On its website, TeDan says it is “committed to providing innovative, high-quality surgical access systems designed to optimize exposure and improve the surgeon experience.”
Marc Ronchetti, group director of Halma, said: ‘TeDan further extends the technologies and capabilities of our healthcare sector in treating patients in acute therapeutic settings.
‘TeDan’s growth is supported by the growing need for surgical treatments as the population ages and lifestyles evolve, and by the development of innovative new surgical procedures that improve efficiency and standards of care.
“We are thrilled to welcome the TeDan team to Halma and look forward to working with them to expand their global impact.”
Danny Fishman, CEO of TeDan, said: ‘Global healthcare spending is increasing as demand continues to grow, especially as the number of people over 60 has reached more than a billion.
“For more than a decade, TeDan has been at the forefront of innovation in surgical access, creating an improved experience for surgeons in the operating room and better outcomes for patients.
“Joining Halma will allow us to grow and invest in the US and internationally. Together we share a common goal: ensuring a healthier future for everyone, every day.”
The deal is the latest in a number of acquisitions the company has been involved in.
In February Halma bought Thermocable, a maker of linear heat detectors based in Bradford, West Yorkshire, in a £22 million deal.
Halma shares rose 1.75 percent to 2,089.00p in afternoon trading on Monday.
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