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KCI plans to divest its Therapeutic Support Systems business to Getinge

Kinetic Concepts : 17 August, 2012  (Company News)
Kinetic Concepts (KCI) signs a definitive agreement to sell its Therapeutic Support Systems (TSS) business to Getinge for a total enterprise value of $275 million, on a debt free and cash free basis.
KCI previously announced in January 2012 its intention to pursue strategic alternatives for the TSS business.

Under the terms of the agreement, Getinge will purchase assets of the TSS business, including a comprehensive portfolio of specialty therapeutic beds, mattress replacement systems and other support surfaces and patient mobility devices for the therapeutic wound care, bariatric and critical care settings. Getinge has also agreed to offer employment to TSS employees. To ensure that TSS customers continue to receive best-in-class service and commitment, KCI has agreed to provide transition services to Getinge after the close of the transaction.

"Strategically, the sale of the TSS business is important for KCI as it will enable us to focus even further on core growth, execution and realization of our vision - providing transformational healing solutions to caregivers and patients around the world," said Joe Woody, President and Chief Executive Officer, KCI. "Getinge has an established history of acquiring and growing proven leaders in the healthcare industry such as TSS and will continue to drive that portfolio for the benefit of customers and patients."

"The acquisition of TSS provides an optimal expansion of Getinge's Extended Care business, boosting the competencies of our ArjoHuntleigh operations and has the potential to offer substantial value, innovation and choice to our customers around the world," said Johan Malmquist, Chief Executive Officer, Getinge Group.

The transaction is structured as an asset sale with no financing condition. Completion of the deal is subject to customary closing conditions, including United States and foreign antitrust approvals. The deal is anticipated to close in the fourth quarter of 2012.

Credit Suisse and UBS Investment Bank acted as financial advisors to KCI in connection with the transaction and Cox Smith acted as legal counsel.
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