By Colin Kellaher
Medical-technology company Enovis has struck a deal to buy orthopedic-implant company LimaCorporate for about 800 million euros ($850 million) in cash and stock.
Enovis, based in Wilmington, Del., on Monday said it would pay EUR700 million in cash at closing and will issue EUR100 million in stock within 18 months after closing, adding that it expects to complete the acquisition early next year.
Enovis, which reported sales of nearly $835 million for the first half of the year, said it expects Lima to generate sales of $290 million to $300 million and adjusted earnings before interest, taxes, depreciation and amortization of $70 million to $75 million in 2024.
The company said it plans to finance the cash portion of the deal with cash on hand, borrowings under its revolving credit facility and committed financing from UBS Investment Bank and J.P. Morgan Securities.
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