Apax Partners and two Canadian pension funds will pay $4.98 billion to buy medical device maker Kinetic Concepts Inc., taking the company private, Reuters reported. At $68.50 per share, the purchase price represents a premium of 6 percent to Kinetic’s close on Tuesday, Reuters said.
(Reuters) – Medical device maker Kinetic Concepts Inc said it agreed to be acquired for $4.98 billion in cash by a consortium of private equity firm Apax Partners and two Canadian pension firms.
At $68.50 a share, the deal represents a premium of 6 percent to Kinetic’s close on Tuesday.
Kinetic founder James Leininger and certain shareholder parties, who collectively hold about 11 percent of the company’s shares, have agreed to vote in favor of the deal, it said. (Reporting by Esha Dey in Bangalore; Editing by Gopakumar Warrier)