Abbott plans to buy medical device manufacturers and expand heart equipment business for $25 billion
Abbott Laboratories said it will acquire medical device manufacturer St. Jude Medical Inc for $25 billion to expand its heart equipment business. The combined cardiovascular equipment division will have annual revenues of $8.7 billion.
Group CEO Miles White said that the first full year after the completion of the acquisition will increase earnings per share. The group said that in 2017 and 2018, the acquisition will increase the profit per share after deducting special items by US$0.21 and US$0.29, respectively.
Abbott will assume or refinance St. Jude's approximately $5.7 billion in net debt. The group expects to save $500 million in costs by 2020.
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